e-cigarette review NEWS: BRICS Summit: Expected announcements and initiatives

Wednesday, March 28, 2012

BRICS Summit: Expected announcements and initiatives

NEW DELHI: The fourth BRICS summit will be hosted here from March 29, 2012. The BRIC acronym was coined in 2001 by Goldman Sachs economist Jim O'Neill, who was searching for a catchy way to encapsulate the broader shift in global economic growth towards emerging markets. South Africa joined the grouping in 2010 so that it became BRICS.

The countries held their first summit in 2009 and have been criticised since as nothing more than an empty acronym as they struggle to find common cause from four different continents with radically different economies, systems of government and competing priorities.

Here is a look at the likely announcements that will be made during the summit:

> The BRICS group of emerging world powerhouses -
Brazil, Russia, India, China and South Africa - is expected to launch plans this week for a joint development bank and measures to bring their stock exchanges closer together.

The initiative would allow the countries to pool resources for infrastructure improvements, and could also be used in the longer term as a vehicle for lending during global financial crises such as the one in Europe, officials say.

> A benchmark equity index derivative shared by the stock exchanges of the five BRICS nations will be launched on Friday, the exchanges involved said earlier this month. They would be cross-listed, so can be bought in local currencies.

> The leaders are also expected to sign agreements allowing their individual development banks to extend credit to other members in local currency, a step towards replacing the dollar as the main unit of trade between them.

> A senior Indian government source said the Middle East and energy security will be high on the agenda, including Iran. The Russian ambassador in New Delhi said that a discussion on Syria would be among his country's top priorities.

> While the plenary session on Thursday is likely to focus on common ground, bilateral meetings could touch on more sensitive issues.

> China said the meeting of the leaders of the top five emerging economies would discuss collective measures to boost cooperation among them and take steps to jointly respond to common challenges.

The summit meeting of the leaders of Brazil, Russia, India, China and South Africa (BRICS) is being held in the back drop of changing landscape of international economy, Chinese Foreign Ministry spokesman, Hong Lei said.


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