BRICS Summit 2013 - Highlights

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The BRICS Summit for the year 2013 was hosted by South Africa 26th to 27th March 2013 at the International Convention Centre (ICC), Durban (South Africa). Attended by the heads of the five member states Brazil, Russia, India, China and South Africa.  This was the Fifth summit and this completed the first cycle of BRICS summits. This meet concluded on 27 March at Durban (South Africa). Following are the issues discussed during this summit

Highlights of BRICS 2013

• BRICS countries accepted to establish BRICS bank to fund infrastructure projects of these nations. However, countries failed to achieve consensus on quantum of seed money. China wanted it to be $100 billion which is to be contributed equally by the member nations. This issue will be resolved by the officials and ministers and will be reviewed at St.Petersburg , on the side lines of G-20 summit in September.
• They sought for Director General for WTO (World Trade Organisation) from developing world.
• To set up a $100 billion fund to guard themselves against currency fluctuations.
• Called for reorientation of UNCTAD (UN Conference on Trade and Development).
• BRICS reiterated the need for Comprehensive Convention on Terrorism.
• EThekwini (DURBAN) declaration dwelt more on the issue of Syria where Russia is supporting president Bashar al-Assad.
• Unit 1 of Kudankulam reactor (Tamil Nadu) will be operationalized next month, PM Manmohan Singh told Russian president Vladimir Putin at their meet on side lines of BRICS.
• PM Manmohan Singh met with Chinese president Xi Jingping. It’s the first highlevel meet after the change of leadership in China. 

Read Short notes on the History of BRICS Summits Here