THE PRIEST

During sixth BRICS summit held in Fortaleza, Brazil, on 15 July 2014 the participating nations announced signing of the Treaty for the establishment of the BRICS Contingent Reserve Arrangement (CRA) with an initial size of US$ 100 billion. This arrangement will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements. The Agreement is a framework for the provision of liquidity through currency swaps in response to actual or potential short-term balance of payments pressures. It would have an initial pool of $100 billion, with China contributing $41 billion .India, Brazil and Russia will have equal contribution of $18 billion, and South Africa contributing the remaining $5 billion. The CRA will act as Banker of last resort for BRICS nations. where by India, Brazil and Russia can draw an amount equivalent to their sha...

During sixth BRICS summit held in Fortaleza, Brazil, on 15 July 2014 the participating nations announced signing of the Agreement establishing the New Development Bank (NDB), with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies. The Bank will have an initial authorized capital of US$ 100 billion. The initial subscribed capital will be of US$ 50 billion, equally shared among founding members. Membership of the Bank will be open to members of the United Nations, who will be able to subscribe to the shares of the Bank.Thus NDB will support other developing countries as well BRICS members’ share in the total paid up capital of the Bank (also their voting share) cannot be less 55%, thus ensuring that the founding members retain control over the NDB at all times. The first chair of the Board of Governors shall be from Russia. The first chair of the Board of Directors shall be from Brazil. ...

India proposes special Science, Technology and Innovation fund for Brazil, Russia, India, China and South Africa (BRICS) and offered to  c ontribute an initial sum of USD 2 million as its share of the contribution to the proposed 10 million USD fund. Furthur it offered 3 key proposals .

Background  The  2011 BRICS summit  took place in Sanya on the island of Hainan, China, on 14 April 2011. This was the third BRICS summit since 2009. The meeting took place between the five heads of state/heads of government from the BRICS states following bilateral meetings in the prior days. Leaders attended; Hu Jintao  ( host ),  President of China Dilma Rousseff ,  President of Brazil Manmohan Singh ,  Prime Minister of India Dmitry Medvedev ,  President of Russia Jacob Zuma ,  President of South Africa Summary of the Joint Declaration  The leaders released a joint document, Sanya Declaration, at the BRICS Leaders Meeting in south China's resort city of Sanya. Following is the summary of the joint declaration. Action Plan of the summint is retained without any changes The theme for the discussions:   "Broad Vision, Shared Prosperity" Economic Emphasis on the need to stren...

The BRIC concept was first used by corporate analysts (Goldman Sachs) as part of an economic modeling exercise to forecast global economic trends over the next half century. The acronym BRIC was first used in 2001 by Goldman Sachs in their Global Economics Paper No. 66, "The World Needs Better Economic BRICs". 2. The BRIC grouping brings together four major economies richly endowed collectively in terms of natural resources and other factors of production, and which are in a position to sustain higher growth rates. BRIC countries together command 25.9% of world’s geographic area, 40% of global population and 22% of global GDP (PPP). BRIC Joint Statements and other documents  3. Joint Statements were issued after both of first two summits. The first Summit also adopted a Joint Statement on Global Food Security. Joint Communiqués/Statements were also issued after the first standalone meeting  of BRIC Foreign Minister...