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Afghan and Taliban officials hold peace talks

What is BRICS?

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BRICS is the acronym given for a federation of 5 rising national economies: Brazil, Russia, India, China and South Africa respectively. Its first summit was held in Yekaterinburg (Russia) in 2009.

What Africa, SA stands to gain from BRICS?

6 Jul 2015
What Africa, SA stands to gain from BRICS?
  • South African President Jacob Zuma confirmed a 70% increase in South Africa's total trade from R268 Bn in 2011 to R382 Bn in 2014 with BRICS nations.
  • BRICS' New Development Bank, or BRICS bank, is crucial to Africa as it will be the driving force to build Africa's infrastructure.
  • Moreover, BRICS can facilitate the infrastructure programme by providing skills and expertise.

NDB ready for official launch

8 Jul 2015
NDB ready for official launch
  • One day before the 7th BRICS summit, BRICS New Development Bank (NDB) board of governors held their 1st meeting in Moscow.
  • The legal framework was wrapped up, preparing for the official launch of the $100 billion bank at the summit.
  • The NDB is being presented as a 'financing alternative' to the World Bank and one where the BRICS nations will have more autonomy.

Support to Russia by the BRICS nations

9 Jul 2015
Support to Russia by the BRICS nations
  • Russia spoke to the 5 nation grouping, bringing them abreast with the ongoing battle with the blocks imposed over them over the Ukrainian conflict.
  • Russia found validation in BRICS nations condemning "unilateral military interventions and economic sanctions in violation of international law".
  • This position of BRICS seemed to also corroborate the grouping's support to Iran.

Strength of the BRICS grouping

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The BRICS countries together make up almost 3 billion of the world population, committing almost 40% to the global GDP and 18% to the world trade.

Modi calls for deeper cooperation among BRICS

9 Jul 2015
Modi calls for deeper cooperation among BRICS
  • Prime Minister Narendra Modi pitched for stronger and deeper cooperation between BRICS nations.
  • In a subtle attack on the west, which has put sanctions against Russia over the Ukraine crisis, he said that the "unilateral sanctions" were affecting the global economy.
  • Speaking about the BRICS New Development Bank, he said that it should sponsor projects which have 'cross-border collaboration' among the 5 member countries.

BRICS summit evades India's issue with Pakistan

10 Jul 2015
BRICS summit evades India's issue with Pakistan
  • India had to face disappointment as the UN Security Council resolution 1267 did not surface anywhere in the BRICS Declaration at the 7th BRICS Summit in Russia.
  • The resolution dealt with action against Pakistan for the release of the 26/11 mastermind Zaki-ur Rehman Lakhvi.
  • The BRICS members condemned the terrorist activities of the Islamic State of Iraq and Levant (ISIL).