The 6th BRICS Summit was recently held in Fortaleza, Brazil on 15th of July, 2014 with all the representatives of the member countries taking active part in it. The BRICS (Brasil-Russia-India-China-South Africa) nations initiated a bold step in this Summit towards the Development and Restructuring of the member countries as well as the developing countries.
It basically had two Important Agendas:
1. To tackle terrorism globally in an effective manner by joint co-operation by the member countries to engage in anti-terrorist activities.
2. To setup a BRICS Bank (also called New Development Bank) to have an authorized Contingency Reserve of USD 100 Billion, preferably shared equally or on the basis of their economic capacity, which will be exclusively used for Development and Restructuring purposes in these countries as well as other Developing countries which might be included in the BRICS membership in the future.
Terrorism: A Global Anti-Development Threat.
Any development activity cannot be established in the regions prone to Terrorist and Insurgency activities which has large scale negative implications on world Politics hence causing serious damages to the Economic, Social as well as the political system. So, the prime Agenda of this Summit was to tackle terrorism globally and to not tolerate any kind of terrorist activities anywhere as pronounced by the Indian Prime Minister, Mr. Narendra Modi.
In order to establish Rapid and effective development it is very important for terrorism to be nipped in the bud which can only be done by joint co-operation by all the countries concerned. If terrorism can be stopped effectively, only then can the nations flourish through the development activities which carry Strategic, Economic, Social and Political Importance across the globe.
The BRICS Bank
Setting up of the BRICS Bank (New Development Bank) with an Authorized Contingency Reserve of USD 100 Billion has been decided in the 5th BRICS Summit to be used exclusively for the Development and Restructuring activities in the developing as well as the member countries which is the need of the hour. Once the functions and the authority of this bank is active, it will possibly reduce the dominance of financial institutions like International Monetary Fund (IMF) and the World bank which is highly influenced by the United States. So this will prove to reduce the American claim to be a world power in the years to come, which will boost the BRICS nations morale to greater heights towards the development of its territories and inculcate better strategic ties with its global development partners in the long run. The major role of the bank will be to fund the various developmental projects in the BRICS nations which contributes close to 20% of the GDP globally. Also, now these countries don't have to depend much on the IMF and World Bank to meet its financial requirements which will result in sanctioning, establishing and successfully completing the development projects more efficiently and in a time bound manner.
Issues - Diplomatic Importance
It has been decided that the Head-quarters of the BRICS Bank will be located in Shanghai, China. However, India has claimed its victory over its first Presidency which is to be setup in India (namely New Development Bank).
But, as the BRICS nation includes 5 countries i.e Brasil, Russia, India, China and South Africa, it is highly recommended that every country must have presidencies setup to enhance transparency on the activities of the head-quarters with regards to mobilization of funds, project costs, allocation of funds, etc. This will in fact strengthen International Relations of the Member countries and result in more confidence in each of the member countries over its effective shareholding over the funds held by the BRICS Bank.
The BRICS Summit, 2014 in a way has opened the gateway to future developments to enhance the entire machinery which is Political, Economic, Social and Geopolitical in nature and promises to counter Terrorism which is a great threat to the Security of any country, thus ensuring peace and prosperity for the generations to come.
It basically had two Important Agendas:
1. To tackle terrorism globally in an effective manner by joint co-operation by the member countries to engage in anti-terrorist activities.
2. To setup a BRICS Bank (also called New Development Bank) to have an authorized Contingency Reserve of USD 100 Billion, preferably shared equally or on the basis of their economic capacity, which will be exclusively used for Development and Restructuring purposes in these countries as well as other Developing countries which might be included in the BRICS membership in the future.
Terrorism: A Global Anti-Development Threat.
Any development activity cannot be established in the regions prone to Terrorist and Insurgency activities which has large scale negative implications on world Politics hence causing serious damages to the Economic, Social as well as the political system. So, the prime Agenda of this Summit was to tackle terrorism globally and to not tolerate any kind of terrorist activities anywhere as pronounced by the Indian Prime Minister, Mr. Narendra Modi.
In order to establish Rapid and effective development it is very important for terrorism to be nipped in the bud which can only be done by joint co-operation by all the countries concerned. If terrorism can be stopped effectively, only then can the nations flourish through the development activities which carry Strategic, Economic, Social and Political Importance across the globe.
The BRICS Bank
Setting up of the BRICS Bank (New Development Bank) with an Authorized Contingency Reserve of USD 100 Billion has been decided in the 5th BRICS Summit to be used exclusively for the Development and Restructuring activities in the developing as well as the member countries which is the need of the hour. Once the functions and the authority of this bank is active, it will possibly reduce the dominance of financial institutions like International Monetary Fund (IMF) and the World bank which is highly influenced by the United States. So this will prove to reduce the American claim to be a world power in the years to come, which will boost the BRICS nations morale to greater heights towards the development of its territories and inculcate better strategic ties with its global development partners in the long run. The major role of the bank will be to fund the various developmental projects in the BRICS nations which contributes close to 20% of the GDP globally. Also, now these countries don't have to depend much on the IMF and World Bank to meet its financial requirements which will result in sanctioning, establishing and successfully completing the development projects more efficiently and in a time bound manner.
Issues - Diplomatic Importance
It has been decided that the Head-quarters of the BRICS Bank will be located in Shanghai, China. However, India has claimed its victory over its first Presidency which is to be setup in India (namely New Development Bank).
But, as the BRICS nation includes 5 countries i.e Brasil, Russia, India, China and South Africa, it is highly recommended that every country must have presidencies setup to enhance transparency on the activities of the head-quarters with regards to mobilization of funds, project costs, allocation of funds, etc. This will in fact strengthen International Relations of the Member countries and result in more confidence in each of the member countries over its effective shareholding over the funds held by the BRICS Bank.
The BRICS Summit, 2014 in a way has opened the gateway to future developments to enhance the entire machinery which is Political, Economic, Social and Geopolitical in nature and promises to counter Terrorism which is a great threat to the Security of any country, thus ensuring peace and prosperity for the generations to come.
