The document summarizes the 4th BRICS summit held in New Delhi, India on March 29, 2012. The BRICS countries of Brazil, Russia, India, China and South Africa represent over 42% of the world's population and nearly 18% of global trade. Key topics discussed at the summit included launching a global development bank managed by BRICS economies as an alternative to the World Bank that would help mobilize resources for infrastructure and sustainable development projects in BRICS and other developing countries. Finance ministers were tasked with evaluating the feasibility of a multilateral agency along the lines of the World Bank. The summit addressed partnership for global stability, security and shared prosperity among BRICS nations.

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31.03.2012
BRIC SUMMIT 2012
CS 2
“BRICS P
PARTNERSHIP FOR GLOB STABILIT SECURIT AND PROS
BAL TY, TY SPERITY”
BRICS vi an acronym used for the fast de
iz. r eveloping ec
conomies of Brazil, Russ
sia, India, China and
So
outh Africa
a, is an unique
gr
rouping with shared
op
pportunities and common
ch
hallenges. A an agend BRICS
As da
meets every y
m year. The ou
utlines of
su
ummits has broadened over last
o
th
hree years to discuss global
s
ch
hallenges ranging from
te
errorism, c
climate, fo
ood and
en
nergy secur
rity, develo
opmental
iss
sues to the inter
rnational
fin
nancial cri
isis. Appro
oximately
BR
RICS Countr
ries possess
sed with
42 of the wo
2% orlds total po
opulation
an they acc
nd count for ne
early 18%
of global trad BRICS att
f de. tract 53%
of the global f
f financial cap
pital.
ary year, 4th Sum
As a par of volunta meeting once in a y
rt mmit of the BRICS natio was held at New
ons d
Delhi, a India, on 2 th March, 2012, with t theme named as “B
at 29 the n BRICS PARTN
NERSHIP FOR GLOBAL
R
STABILIT SECURIT AND PROS
TY, TY SPERITY”, in between th controversies created by the de
n he eath of a
Tibetan youth, who had immol
o lated himsel by opposin the visit of Chinese Prime Minis
lf ng ster. The
summit began with the official greetings ex
xchanged be
etween Presidents of Bra
azil- Dilma Rousseff,
R
Russia- Dmitry Medv
vedev, China Hu Jintao, South Afric
a- , ca-Jacob Zum and the Indian Prime Minster
ma e
Dr. Manm
mohan Singh
h.
Agenda of Delhi s
summits sta
arted with matters inc
cluding of d
discussion o launching global
on
development bank m
managed by the BRICS ec
conomy, as an alternativ to the Wo
ve orld Bank. The BRICS
T
stated t
that said ins
stitution wou act as a supplementary to the World Bank and would assist in
uld
mobilising the reso
ources for infrastructu
ure and sus
stainable de
evelopment projects. Proposed
P
Financia Institution would be es
al stablished w
with an aim to provide su
t upport to the BRICS econ
e nomy and
other de
eveloping Co
ountries. Finance Minste of these Countries ha been equ
ers C ave uipped with the task
to evalu
uate the feasibility of m
multilateral a
agency on th lines of W
he World Bank. Somewhere or other
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Address: Impress, 111A, Currimji Compound, M. G. Road, Fort, Opp. Mumbai University, Mumbai – 400 001.
decision on said institution seemed of lagging nature, due to the fear of extra advantage to the
China.
BRICS economies have also signed an agreement which enables trade among the BRICS, in the local
currency. These would reduce the dependency on the dollar and at the same time promote the
trade and growth among the BRICS economy. Major factor behind this is the statistic of the intra-
BRICS trade in 2011, which stood at $ 230 Million approximately. Said Agreement would lead to
reduction in demand for fully convertible currencies for transactions among BRICS and hence would
reduce the transaction cost. It was said that these move would also assist exporters of projects and
engineering goods, as they can trade in local currencies and deny the speculation. In line of this
BRICS has also agreed on multilateral letter of credit confirmation facility agreement for providing
credit guarantees and such other tasks.
In reference to the post of IMF and World Bank Chief, BRICS sought the candidate from developing
Country so that representation of developing and emerging Countries can be increased. Further it
stated that said appointment would also lead to more efficient governance structure in current
political and cultural scenario. Together with all these BRICS shown concerns towards the peace
and security aspects globally and more towards North America, Middle East, Syria and Iran.
Hemant Shah
Hedge-Square Consultancy Services Pvt. Ltd.
111A, Impress, Currimji Compound, Fort, Mumbai – 400 001.
Contact: +91 - 9870551611
Email: hemant@hedge-square.com
Website: www.hedge.square.com
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