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Ramifications of BRICS Durban
The BRICS Summit 2013 will surely go down in history as one of the most successful dialogues on an international scale. During the summit, all the leaders of BRICS (Brazil, Russia, India, China and South Africa) countries came up with the decision to establish a Development Bank that will finance infrastructure development projects in emerging economies.
In light of the economic turmoil that most of the countries are facing at the moment, the leaders of the BRICS nations endorsed a Rs 5,439 billion (US$100 billion) contingency reserve arrangement, also known as the BRICS Contingent Reserve Arrangement, which will be set up if any of BRICS countries went into financial crisis. These initiatives help to strengthen intra-BRICS collaboration, and this is a great leap forward in the trajectory of the BRICS cooperation.
Apart from the establishment of the Development Bank and the BRICS Contingent Reserve Arrangement, the leaders of the BRICS nations decided to set up the BRICS Business Council, comprising 25 members, and the BRICS Think Tanks Council to enhance the economic cooperation between Brazil, China, India, Russia and South Africa.
It was a proud moment for India as the proposal for the Development Bank it set forward in the 2012 New Delhi Summit bore fruit in the 2013 Durban Summit. The Development Bank will enable BRICS nations to channel their surplus funds to infrastructure investments in emerging economies.
The BRICS nations have been given 12 months to work out the details of the Development Bank, including the capital and the governance structure, before they meet again next year in Brazil.
With regard to the BRICS Contingent Reserve Arrangement, China has pledged Rs 2,229 billion (US$41 billion), India, Brazil and Russia have pledged Rs 978 billion (US$18 billion) each, and South Africa has pledged Rs 271 billion (US$5 billion).
The Durban Summit has been successful in taking intra-BRICS cooperation to new heights and transforming the entity into a dynamic platform for voicing out concerns on international issues. This year, the BRICS nations took a strong position on Syria, and they gave a warning to the West against their invasion in Iran.
Apart from enhancing the economic and political status of the member countries, BRICS has gone one step further and included international political issues into its agenda. This shows that the policies formulated by BRICS are gaining importance in the global sphere. Hence, it is able to put pressure on states and agencies that go against human rights and humanitarian laws.
The BRICS nations came up with the eThekwini Declaration at the end of the Durban Summit, condemning the violations of human rights because of the continued violence in Syria. The BRICS nations also showed their support for the efforts undertaken by the UN League of Arab States.
Compared to the previous years, the BRICS Summit has taken a great leap forward by not only addressing the issues of the member states but also the woes of the regional and international communities.
The BRICS Summit provides evidence that the member states are not just keen on enhancing their economic status but are also concerned about the welfare of other states. The BRICS entity is slowly but surely gaining recognition in the international arena, and many claim that it is a mini United Nations in the making.
If the BRICS nations are successful in establishing the Development Bank, there is a possibility that this entity will soon take over the roles and responsibilities of the World Bank too.