Last year, the BRICS nations completed their first cycle of summits. The meetings have now taken place in all five member nations: Brazil, Russia, India, China and South Africa. CCTV’s Paulo Cabral reports.
Now the summit returns to Brazil. Leaders will come to the Ceara Convention Center here in Fortaleza, hoping that decisions made here and in Brasilia — especially the creation of a new BRICS Development Bank — will help to strengthen the institutional ties between the world’s top emerging economies.
A BRICS development bank could provide developing nations an alternative source of funding to the World Bank and the IMF.
The five BRICS nations account for more than a quarter (26 percent) of the world’s land mass and nearly half (46 percent) its population. According to World Trade Organization data, BRICS exports grew fivefold between 2001 and 2011-more than double the world average.
BRIC was a term coined in 2001 by Goldman Sachs economist Jim O’Neil. It referred to a group of nations with potential to lead global economic growth over the long term. In 2010, South Africa joined the group to form BRICS. It’s a diverse group of countries with many differences in style and opinion but analysts say that their common interests could take this partnership to the pinnacle of the global economy.
The growth of the Chinese economy over the past decade not only helped other developing countries boost their economic power and influence, many economists credit China for being the economic engine that helped pull the world’s developed economies out of one the deepest recessions in past hundred years.
For more data from BRICS Ministry of External Relations, click here.
BRICS nations meet: five countries convene in Fortaleza and BrasiliaLast year, the BRICS nations completed their first cycle of summits. The meetings have now take place in all five member nations: Brazil, Russia, India, China and South Africa. CCTV’s Paulo Cabral reports
Brazilian President Dilma Rousseff shows her concerns.
Dilma Rousseff\'s concerns on BRICSBrazilian President Dilma Rousseff shows her concerns.
Charles Kenny is a Senior Fellow at the Center for Global Development.
He says he welcomes a new development bank on the international scene.
Chalres Kenny on BRICSCharles Kenny is a Senior Fellow at the Center for Global Development.
For further explanation on this year’s BRICS summit and Latin America’s role in the global economy, Kathryn Rooney Vera from Bulltick Capital joined CCTV’s Elaine Reyes from Miami.