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BRICS Finance Ministers to meet at WEF summit in Davos
January 18, 2015, 7:43 am

The 40 heads of state or government expected in Davos include those from China, South Africa, France, Germany, Italy, Turkey, Ukraine, Iraq and Tunisia [Image: WEF]

The 40 heads of state or government expected in Davos include those from China, South Africa, France, Germany, Italy, Turkey, Ukraine, Iraq and Tunisia [Image: WEF]

The five Finance Ministers of BRICS will meet on the sidelines of the WEF summit next week in Davos where they will discuss preparations on establishing the newly-launched $100 billion BRICS Bank.

Finance Ministers from South Africa Nhlanhla Nene, India’s Arun Jaitley, Brazil’s Joaquim Levy, China’s Lou Jiwei will discuss individual ratification of the Bank and a $100 billion currency exchange reserve by their respective parliaments and progress on naming the first president of the Bank before the 7th BRICS Summit in Russia this summer.

A group of more than 2500 politicians, business leaders and academics are gathering to discuss the state of global economy for five days, beginning next week at the World Economic Forum’s annual gathering in the Swiss ski resort of Davos.

The 40 heads of state or government expected in Davos include those from China, South Africa, France, Germany, Italy, Turkey, Ukraine, Iraq and Tunisia.

Newly appointed Brazilian Finance Minister Joaquim Levy and Alexandre Tombini, the president of Brazil’s central bank, will represent the country at the WEF. Brazil’s President Dilma Rousseff canceled her attendance at the meet to be present at the swearing-in ceremony of Bolivian President Evo Morales.

Levy told local reporters earlier this week that he intends to deliver a message at Davos signaling that Brazil “can make necessary changes in macroeconomic policy and microeconomic adjustments” in the wake of slowing growth.

South Africa’s President Jacob Zuma’s delegation to Switzerland next week includes Finance Minister Nhlanhla Nene and Trade and Industry Minister Rob Davies.

“South Africa will use the opportunity to market the country as an attractive and reliable investment destination as well as a development partner, in the context of the National Development Plan and in celebration of achievements scored since the dawn of freedom in 1994, which brought about a better life for millions more citizens who had been excluded during the period of apartheid colonialism,” said a Presidency statement.

At an official briefing in Beijing on the forthcoming WEF meeting, Chinese officials said Premier Li Keqiang will “explain the Chinese economy’s “new normal” during the meet”.

“The new normal emphasizes that a manageable slowdown is not a big danger, but a lack of reforms could be fatal for long-term development,” said China’s Vice foreign minister Li Baodong on Friday.

This will be the first time for a Chinese leader to attend a WEF Annual Meeting in Davos in five years. Li Keqiang attended the 2010 annual meeting as vice premier. US Secretary of State John Kerry has also confirmed attendance, the highest-ranking official the Obama administration has ever sent to the WEF conference.

Igor Shuvalov, Russia’s Deputy Prime Minister has also confirmed attendance at the event while India will be represented by a nearly 100-member delegation including senior ministers and top corporate leaders at the WEF’s exclusive club for a small, powerful elite.

Indian Finance Minister Arun Jaitley and Power Minister Piyush Goyal will lead the Indian delegation for the WEF meet from January 22 to 25.

Meeting against the backdrop of the world economy facing multiple challenges, the 45th edition of the WEF meet would discuss ‘The New Global Context’ from January 21-24.

Out of the many sessions devoted to developing economies, one will focus on discussing the new energy context: the plummeting of oil prices and what it means for growth in emerging economies.

IMF Chief Christine Lagarde and WTO Director General Roberto Azevedo, as well as governors of the central banks of Brazil, Canada, England, France, Italy, Japan, Mexico and Switzerland, would be in attendance.

There would be wide ranging discussions at the WEF on ten global challenges, including on environment and resource scarcity, monetary policy, the future of the internet, food security and agriculture.

Brazil’s Itau Unibanco vice chairman and CEO Roberto Egydio Setubal and India’s Jubilant Bhartia Group Founder Hari S Bhartia are among the six co-chairs for this year’s WEF meet.

 

 TBP and Agencies

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