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BRICS (Brazil,Russia, India, China and South Africa)
This year South Africa hosted the Fifth BRICS Summit which was held in Durban, on the 26th and 27th March 2013.
South Africa’s hosting of the Summit, as well as chairing the caucus, presented the country with the opportunity to shape the BRICS agenda in a way that ensures progress on past commitments, while facilitating the development of new initiatives for increased co-operation.
The theme of this year’s Summit was ”BRICS and Africa: Partnership for Development, Integration and Industrialisation”.
This theme is a recollection of the commitment made by BRICS Leaders at the Third Summit held in Sanya, China, 2011, where BRICS Leaders stated their support for infrastructure development and industrialisation in Africa, within the framework of the New Partnership for African Development (NEPAD).
There were four major outcomes from the summit, represented in the following four agreements:
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To set up a BRICS New Development Bank (NDB)
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A Contingent Reserve Arrangement
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The BRICS Business Council
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The BRICS Think Tank
The New Development Bank and the Contingent Reserve Arrangement are both mandates given to Finance Ministers to work on and report their progress to Leaders at the next Summit in 2014.
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