5th BRICS summit

Background

A declaration at the end of 2012 BRICS summit read that: "Brazil, Russia, India and China thank South Africa for the proposal to host the 5th summit in 2013. They intend to provide multifaceted support for it." The BRICS leaders are expected to discuss the establishment of a new development bank. According to Mikhail Margelov they will seek agreement on the amount of starting capital.

Participants

China's Xi Jinping made this the first summit of his general secretaryship of the CCP since 2012.

The heads of state/heads of government of the five countries that participated in the summit were:

Gallery of participating leaders

**Members: ** File:Dilma Rousseff - foto oficial 2011-01-09.jpg |Brazil Dilma Rousseff, President|alt=BrazilDilma Rousseff, President File:Vladimir Putin - 2012.jpg |Russia Vladimir Putin, President|alt=RussiaVladimir Putin, President File:Manmohan Singh 2012-06-18.jpg |India Manmohan Singh, Prime Minister|alt=IndiaManmohan Singh, Prime Minister File:Xi jinping Brazil 2013.png |China Xi Jinping, CCP General Secretary and President|alt=ChinaXi Jinping, President File:Jacob Zuma 2014 (cropped).jpg |South Africa Jacob Zuma, President (Host)|alt=South AfricaJacob Zuma, President (Host)

Discussions

The summit commenced on 26 March at 17:30 GMT. Amongst the important issues being discussed was the creation of the development bank as a follow-up from the previous summit. It sought to create an infrastructure-focused bank. The disputes over the bank were in regards to what it would do and how it would provide an equitable return on the initial investment of about US$100bn.

Reactions

Host President Jacob Zuma said the summit could address South Africa's economic problems, such as high unemployment. He added: "BRICS provides an opportunity for South Africa to promote its competitiveness. It is an opportunity to move further in our drive to promote economic growth and confront the challenge of poverty, inequality and unemployment that afflicts our country. "

Daniel Twining of the German Marshall Fund said: "Ironically it may be the cleavages within the BRICS grouping that more accurately hint at the future of the global order: tensions between China and Brazil on trade, India on security, and Russia on status highlight the difficulty Beijing will have in staking its claim to global leadership." The media suggested the bank was way to bypass the IMF and the World Bank. Despite high hopes for the 2013 summit, BRICS was not as involved as they had planned to be.

References

References

1. [http://allafrica.com/stories/201210100709.html allAfrica.com: Africa: Reporter's Notebook - All Systems Go for Brics Summit in SA (Page 1 of 2)]
2. [http://www.itar-tass.com/en/c154/378346.html ITAR-TASS: Archive - 5th BRICS summit to be held in South Africa in 2013 – declaration]
3. Mariam, Isa. [http://www.bdlive.co.za/africa/africanbusiness/2013/03/22/brics-summit-expected-to-establish-development-bank "Brics Summit expected to establish development bank."] ''[[Business Day (South Africa). Business Day]]''. 22 March 2013
4. Arkhipov, Ilya. [https://www.bloomberg.com/news/2013-03-18/russia-sees-brics-development-bank-rebuilding-aging-world-finance.html "Russia Sees BRICS Development Bank Rebuilding ‘Aging’ World Finance."] [[Bloomberg L.P.. Bloomberg]]. 18 March 2013.
5. [http://www.aljazeera.com/news/africa/2013/03/20133268641350653.html BRICS reach deal over development bank – Africa – Al Jazeera English]
6. [https://www.bloomberg.com/news/2013-03-25/brics-nations-plan-new-bank-to-bypass-world-bank-imf.html BRICS Nations Plan New Bank to Bypass World Bank, IMF - Bloomberg]
7. (May 2014). "Generating global health governance through BRICS summitry". Contemporary Politics.