5th BRICS Sumrnit Held In South Africa

Advertisement




The 5th Summit of BRICS (Brazil, Russia, India, China and South Africa) was held in Durban, South Africa on March 26-27, 2013. Brazil’s President Ms. Dilma Rousseff, Russian President Mr. Vladimir Putin, Prime Minister Dr. Manmohan Singh, Chinese President Mr. Xi Jinping and South African President Mr. Jacob Zuma took part at the summit. It was the first time that the BRICS Summit was held in South Africa. The 5th Summit also completed the first cycle of BRICS Summits.

The overarching theme of the summit was “Africa : A Partnership for Development, Integration and Industrialisation”. Apart from this main theme, the 5th BRICS Summit also focused on developing policy actions in Europe, the US and Japan. It was decided that these policy actions would be centred on efforts at reducing the risks for the world economy. The BRICS leaders identified these risks as economic situations that could potentially spill over into other economies. The leaders also reaffirmed their dedication to the bloc’s original goal to achieve peace, security, development and cooperation worldwide. The leaders said that they would continue to seek to contribute significantly in order to establish a more equitable world.

At the Summit, the most important issue discussed was the creation of the BRICS development bank. The decision to set up the bank was reached at a meeting of the Finance Ministers of the BRICS nations. This meeting also witnessed follow-up discussions on the important financial issues that were also deliberated upon in the two previous summits held in New Delhi and Sanya (China). These include currency swap lines among the BRICS member nations which are likely to be about $100 billion. Experts said that the bank, which will mainly focus on infrastructure financing, would liberate the BRICS nations from the total dependency on the US dollar. They also said that at one time, the BRICS bank might also rival in influence the World Bank and the International Monetary Fund, both of which are dominated by the US and its allies. The leaders also discussed in detail as to what the bank’s agenda would be, and how it would provide an equitable return on the initial investment.

RSS GK Current Affairs

  • History of Indian National Flag
    Every free nation of the world has its own flag. It is a symbol of a free country. The National Flag of India was designed by Pingali Venkayyaand and adopted in its present form during the meeting of
  • Maharatna Navratna and Miniratna Scheme
    Maharatna Scheme The Government introduced the Maharatna scheme in December 2009 with the objective to delegate enhanced powers to the Boards of identified large sizes of Navratna CPSEs to facilitate
  • Ishwar Chandra Vidyasagar
    Ishwar Chandra Vidyasagar, the great scholar, academician, and reformer born on 26th September 1820 in Birsingha Village of district Midnapor (now in Paschim Medinipur), West Bengal. His father Tha
  • History of Commonwealth Game
    History: Reverend Ashley Cooper was the first person to propose the idea of having a Pan-Britannic sporting contest to foster a spirit of goodwill and understanding within the British Empire. In 1928,
  • Bharat Ratna Award
    Bharat Ratna is the highest civilian honour, given for exceptional service towards advancement of Art, Literature and Science, Sports and in recognition of Public Service of the highest order.
  • Famous Lakes and Rivers in India and World
    Lakes Lake Baikal (Russia) is the deepest lake in the world. One of the biggest and most ancient lakes of the world is situated nearly in the center of Asia in a huge stone bowl set 445 m above sea le
  • Famous Cities and River Banks in India and World
    CityCountryRiver AdelaideAustraliaTorrens AmsterdamNetherlandsAmsel AlexandriaEgyptNile AnkaraTurkeyKazil AllahabadIndiaAt the confluence of the Ganga and Yamuna AgraIndiaYamuna AyodhyaIndiaSaryu Ahm
  • Popular Names of Personalities
    Popular Name Personality Lady with the lamp Florence Nightingale Grand Old man Dadabhai Naoroji of India Iron Duke Duke of Wellington Guru Ji M. S. Golwalkar Jonn Bull England and the English peo
  • Career Scope in Print Media
    Print media are lightweight, portable, disposable publications printed on paper and circulated as physical copies in forms we call books, newspapers, magazines, and newsletters. They hold informative
  • National Sports Awards 2020
    National Sports Awards are given every year to recognize and reward excellence in sports. Rajiv Gandhi Khel Ratna Award is given for the spectacular and most outstanding performance in the field