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BRICS to meet during G20 Summit in Brisbane
November 7, 2014, 6:35 am

Mutual trade among the BRICS almost doubled in the 5 years to 2013 to reach $300 billion [PPIO]

Mutual trade among the BRICS almost doubled in the 5 years to 2013 to reach $300 billion [PPIO]

The leaders of the BRICS states (Brazil, Russia, India, China, South Africa) will meet on the sidelines of a G20 summit in Brisbane, Australia later this month to further boost political and economic ties between the group.

BRICS Presidents Xi Jinping, Vladimir Putin, Dilma Rousseff, Jacob Zuma and Prime Minister Narendra Modi will meet to eke out a strategy of cooperating within the framework of the G20 which is being held from November 15 to 16.

The five leaders will discuss developing agreements aimed at accelerating global economic growth and reiterate demands for one of the most difficult problems in global governance: IMF reforms.

Earlier this year in the Brazilian city of Fortaleza, BRICS heads of state agreed to establish a $100 billion New Development Bank (NDB) at their summit meeting, with severe implications for the global development-finance landscape.

The five countries have also created a $100 billion Contingency Reserve Arrangement (CRA), meant to provide additional liquidity protection to member countries during balance of payments problems.

Chinese and Russian Presidents Xi Jinping and Putin are also meeting in Beijing later this week during the APEC Leaders meet.

Recently reelected Brazilian President Dilma Rousseff confirmed on Thursday she will attend the BRICS meet and the G20 meet, accompanied by outgoing Finance Minister Guido Mantega.

The five countries are also expected to further discussions on a new “Energy Association” during the November meet aimed at ensuring the energy security of BRICS, and to conduct integrated research and analysis of global hydrocarbon markets.

Russian President Vladimir Putin had, during the 6th BRICS Summit in Brazil, proposed the establishment of a BRICS Energy Association.

“We could create a Fuel Reserve Bank and a BRICS Energy Policy Institute under its roof,” Putin told his fellow BRICS leaders.

Meanwhile, India is bracing for further censure at the G20 Summit with its stymieing of a WTO trade pact earlier this year owing to its commitment to a domestic food security program. All the other BRICS members had agreed to adhere to the July 31 deadline for the trade facilitation agreement (TFA) which is expected to boost world GDP by up to $1 trillion.

The World Trade Organisation called on the G20 leading economies on Thursday to begin removing trade barriers. G20 leaders will push to save the WTO following warnings from Director General Roberto Azevêdo that it had descended into ‘paralysis’.

The head of the global trading body had said last month consultations will continue on the future of the Bali decisions and post-Bali work program.

India had initiated backroom talks with WTO, US and EU representatives to reach a compromise before the G20 Summit, although hopes of a deal being clinched are remote, says Indian media reports.

Meanwhile, in the BRICS meet this month, the five countries are expected to further show support for beleaguered President Putin. The US has pushed European capitals, despite some resistance, to “punish” Putin with sanctions for the accession of the Crimean peninsula.

A joint BRICS statement earlier in March this year criticized Australian Foreign Minister Julie Bishop’s statements that Putin could be barred from attending the G20 Summit in November.

“The Ministers noted with concern, the recent media statement on the forthcoming G20 Summit to be held in Brisbane in November 2014.  The custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character,” said a joint BRICS statement.

BRICS combined GDP has reached 21 per cent of the global volume, and the five nations already account for 11 per cent of accumulated investment and nearly 20 per cent of global trade. Mutual trade almost doubled in the 5 years to 2013 to reach $300 billion.

The next BRICS Summit will be held in the Russian city of Ufa on 9-10 July 2015.

 

TBP

3 Responses to BRICS to meet during G20 Summit in Brisbane

  1. eraldo marcelo kopp Reply

    November 7, 2014 at 10:09 am

    This visit is truly important but a few countries are placing themselves ahead w/o imposing a labor front prior of analyzing what can be done. Brazil has a big problem with laziness! Pure and simple many people in Brazil are simply lazy and get their checks from the government and they lazy around groaning and moaning the entire time! Northeast of Brazil is absolutely repleted with down scoundrel lazy people!!! Dilma, the president, must first correct this problem prior of joining the giants of g20 such as Australia! Our country is watching horrified what these lazy northeasters of Brazil are doing by sucking the government dry of money while making children indiscriminately for more of government’s money! THIS IS TRUE! So, first things first! The NE Brazil is rich with soil and water and, believe it or not, there are water pipes sticking out of the ground already but the government refuses to make these bastards to work! Reason, the area is the voting cheap buying scheme for elections! The problem at this point is with Dilma primarily! She must make these people get to work and help the south!!! Our state, Parana for instance, is charged by the union from R$42 to R$47 reals and get in return from the government R$1.00!!! Why do we in the south must put up this situation and give out our money to these “rabbits” children making lazy people?
    I truly despise when politicians go around wasting money of the people by traveling around and acting as a big shot while not doing what is obvious!!! What is she doing there if the potential of country is not yet explored with people whose motives are for development and hard work? There was a politician from the south that went to NE with his owned payed water trucks and, believe it or not, the people reject him because then the people had to work!!! He had shown hot to catch the fish but they did not want the fishing rod to fish themselves!!! So Mr Ratinho had to turn back!!! CAN YOU BELIEVE THIS SCENARIO? HE WAS THERE HELPING AND PROMOTING DEVELOPMENT AND THE PEOPLE REJECT HIM BECAUSE THEY WANTED FREE MONEY!!! IN THIS PARTICULAR CASE SEIZE THEIR MONEY AND LET THEM DIE OF HUNGER!!!
    IF THIS SITUATION PERSISTS THEM BRAZIL SHOULD BE DIVIDED AND LET THE NE ROTH IN THEIR LAZINESS!!!
    YOU CAN FIND THESE WELL DOCUMENTED REPORT ONLINE WITH ITS MINUTE DETAILS!!!
    So then, when Dilma opens her mouth let the people of the G20 understand that she speaks rhetoric junk and she does not addresses the situation by making people to work! Brazil is bankrupt!!! We need people from all over the world coming to this country to work and get paid! the soil on the NE is super fertile and water is nearly ready for productivity a few meters under the soil! Brazil can hire an independent European team and analyze the area and its resources and report it publicly so you can evaluate the situation! After this is plain and simple work and make a living like everybody else!!!
    The Brazilians on this region refusing to work(except those who can not via a doctor’s(independent) report) then should die of hunger!!! These people became lazy and out of shame for quite a long time! They are getting their checks and not improving themselves by studying and working! Enough is enough!

    • S Rod Reply

      November 14, 2014 at 11:36 pm

      I like facts, and against facts arguments fail. Brazil was 13th Economy in the World in 2002. Then Brazilians elected President Lula and Dilma and Brazil moved to 7th economy in the World. This all happen in only 12 years. You premisses do not sustain. You talk like a Globo Network journalist e some major Brazilian Newspaper e right wing magazines, i.e. cheering against it’s own country. This is the basic difference between Australian Media, here, independent of the party in power, Labor or Liberals, the Media puts the Country first. The Media in Brazil puts the Country last. The way the braziliam media acts is the same way you think, in major democracy on the planet, Brazilian media acted like a country traitors. Or you forgot what they did with the World Cup? At the end, the result was the best World Cup ever for most Sport Analyst of the planet. Put a sock in it.

  2. jens Reply

    November 10, 2014 at 2:02 pm

    Wooow, respect for president Putin what this man achieved so far. and fighting the NWO maffia clan in Washington and Brussel.
    Bravo mister president.
    The West is trying to punish him with sanctions, because president Putin showed the world what an evil spririts there are in Washington and Brussel.
    Because of president Putin there was asylum for Snowden who reveal the dirty tricks of NSA.
    The lies and brainwashing about anti gay, With lies the West tried to frustate the Olympic Games in Sochi.
    The Lies about MH-17
    These are all dirty tricks to change the mindset of a lot of the ignorants in the world.
    But more and more people got aware of the dirty games by an bunch of old boys network.

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