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The 5 the BRICS Summit: An Overview

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South Africa hosted the 5 th BRICS summit on March 27, 2013 in Durban. This is a joint effort by BRICS countries for the Development, Integration and Industrialization among BRICS members. This is the first ever BRICS summit to be hosted in an African country. This summit coincided with the 50th celebration of African Unity/African Amalgamation.

The BRICS agreed for the establishment of a New Development Bank and indicated that the primary capital assistance to the bank should be substantial and adequate for the infrastructure. In addition to that, the leaders concurred in the establishment of the Contingent Book Arrangement (CRA) with a prime dimension of US $ 100 billion.

The CRA would help BRICS nations to overcome short-term liquidity issues and for stronger economic steadiness. It would also aid to strengthen the worldwide economic security and support current economical issues. For this, BRICS leaders concurred to reassess the advancement made in these initiatives at the next gathering of BRICS Finance Ministers and Central Bank Governors in September 2013.

Another outcome of the summit was the establishment of BRICS Think Tank Council and BRICS Business Council. The Think Tank Council will work as true Think Tank to evolve policy options like the evaluation and future long-term strategy for BRICS. The BRICS Business Council will bring simultaneous business associations in each of the BRICS countries and coordinate commitment between the business groups on an ongoing foundation. 

South Africa will be the Chairperson of both council and they will reinforce intra BRICS collaboration to develop new paradigms for sustainable and inclusive development, as well as new learning and information paradigms.

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