Brazil

Sixth BRICS Summit: A step towards more equitable global order?

The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.

Future of Golden BRICS

With the successful holding of the fifth summit of Brazil, Russia, India, China and South Africa (BRICS) in Durban during March 26–27, 2013, this influential group of emerging economies completed its first important phase of genesis and evolution. The idea was floated in 2001 as an ‘acronym’ created by an investment banker of Goldman Sachs, Jim O'Neil who believed that the fast-growing economies of Brazil, Russia, China and India would be the single greatest game changers in coming times.