2011 BRICS summit
Encyclopedia
The 2011 BRICS summit took place in Sanya
on the island of Hainan
, China
, on 14 April 2011. This was the third BRICS
summit since 2009. The meeting took place between the five heads of state
/heads of government
from the BRICS states following bilateral meetings in the prior days.
The BRICS summit conducted candid and in-depth discussions and reached broad consensus on strengthening BRICS cooperation as well as on promoting coordination on international and regional issues of common interest.
in Brasilia
in 2010, to which South Africa
was invited as a guest, the group invited South Africa to join as a full member in 2011 and the group formerly called BRIC officially became BRICS.
On 13 April, prior to the heads of state meeting, economic delegations met for discussions. China was lobbied by the other leaders to import not only commodities but also value added
products and other commodities such as oil, soybeans and iron ore. Indian Trade Minister Anand Sharma
said that China's Commerce Minister Chen Deming
had assured the other leaders that his country would make it a priority to import more value-added products from the other four countries. Russia’s Deputy Economic Development Minister Oleg Fomichev also said that China pledged to set up high-technology projects in cooperation with Russia so as to "not just importing our resources and exporting industrial goods."
Brazil and India also pressed China to buy such goods as Brazilian aircraft and Indian pharmaceuticals; the two countries also complained about the artificially undervalued yuan
that they claimed was undermining their exports. South Africa wanted to process iron ore and other raw materials within the country before exporting them to China. However, at the heads of government summit China's currency valuation was not on the agenda.
All five countries also continued their calls for reform of global monetary and financial institutions. They also pledged greater cooperation amongst themselves.
International law
All five countries also called for an early conclusion to deadlocked talks an anti-terror law under UN auspices that would curtail funding for illegal groups that partake in violence against countries and deny their supporters access to funds, arms, and safe havens. A joint statement read: "We reiterate our strong condemnation of terrorism in all its forms and manifestations and stress that there can be no justification, whatsoever, for any acts of terrorism. In this context, we urge early conclusion of negotiations in the UN General Assembly of the Comprehensive Convention on International Terrorism and its adoption by all member states." The heads of government at the summit said that the UN's role was central in coordinating international action against what they labeled terrorism within the framework of the UN Charter and in accordance with principles and norms of international law
.
United Nations Security Council reform
All BRICS countries called for "comprehensive reform of the UN, including its Security Council." China said it would endorse the aspirations of India, Brazil and South Africa for permanent membership of the UNSC. Coincidentally, the five countries are all now members of the Security Council, China and Russia as permanent members and the other three non-permanent.
Trade medium
The groups announced their decision to cease mutual trade payments in U.S. dollars and instead henceforth give credits to one another in their national currencies alone. The development bank
s of each state signed an agreement to further gradually alter loan currencies from U.S. dollars. This was intended to strengthen financial cooperation between the BRICS countries, as well as to expand the international significance of their national currencies.
Libyan civil war
The leaders of BRICS states expressed misgivings about NATO air strikes during the 2011 Libyan civil war
and urged an end to the two-month conflict in Libya
.
/heads of government of the five countries participated.
read the meeting as that of giving "this ad-hoc group an opportunity to test its collective strength ahead of an all-important G-20 meeting in France in November and to bring the concerns of developing nations (sic
) to the top of the global agenda."
Jim O’Neill
, the chairman of Goldman Sachs
Asset Management International and the person who coined the term BRIC
, said that the countries "don’t have the same interests. The wealth per head is very different, the politics is very different, and the philosophy and their natural economic edge is different."
A commentator at the Financial Times
website lamented the low level of access granted to his and other mainstream
Western
media
outlets but nonetheless found it hopeful that the organisation's meetings provided, for instance, for regular Sino-Indian interaction when their bilateral relationship could carry considerable tension. He also saw hope amongst "the anodyne talk of cooperation and friendship...[in the] predictable but significant statement" in the Sanya declaration in favour of "comprehensive reform of the UN
, including its Security Council."
Sanya
Sanya is the southernmost city in China and is a part of Hainan Province. In 2006, it had a population of 536,000, making it, after the provincial capital , the second most populous city on the island. The city is renowned for its tropical climate and has emerged as a popular tourist destination,...
on the island of Hainan
Hainan
Hainan is the smallest province of the People's Republic of China . Although the province comprises some two hundred islands scattered among three archipelagos off the southern coast, of its land mass is Hainan Island , from which the province takes its name...
, China
People's Republic of China
China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...
, on 14 April 2011. This was the third BRICS
BRICS
BRICS is an international political organisation of leading emerging economies, arising out of the inclusion of South Africa into the BRIC group in 2010. As of 2011, its five members are Brazil, Russia, India, China and South Africa...
summit since 2009. The meeting took place between the five heads of state
Head of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
/heads of government
Head of government
Head of government is the chief officer of the executive branch of a government, often presiding over a cabinet. In a parliamentary system, the head of government is often styled prime minister, chief minister, premier, etc...
from the BRICS states following bilateral meetings in the prior days.
Theme and Vision
The Chinese president chaired the BRICS Leaders Meeting in southern China's resort city of Sanya, and gave a speech under the theme of "Broad Vision, Shared Prosperity." The theme was based under the vision as 'The 21st century should be marked by peace, harmony, cooperation and scientific development.'The BRICS summit conducted candid and in-depth discussions and reached broad consensus on strengthening BRICS cooperation as well as on promoting coordination on international and regional issues of common interest.
Background
Following a meeting2010 BRIC summit
The 2010 BRIC summit took place in Brasilia, Brazil on April 16, 2010. This was the second BRIC summit after Yekaterinburg in 2009. The meeting took place between the four heads of government from the BRIC states following bilateral meetings in the prior days....
in Brasilia
Brasília
Brasília is the capital city of Brazil. The name is commonly spelled Brasilia in English. The city and its District are located in the Central-West region of the country, along a plateau known as Planalto Central. It has a population of about 2,557,000 as of the 2008 IBGE estimate, making it the...
in 2010, to which South Africa
South Africa
The Republic of South Africa is a country in southern Africa. Located at the southern tip of Africa, it is divided into nine provinces, with of coastline on the Atlantic and Indian oceans...
was invited as a guest, the group invited South Africa to join as a full member in 2011 and the group formerly called BRIC officially became BRICS.
Discussions
EconomicsOn 13 April, prior to the heads of state meeting, economic delegations met for discussions. China was lobbied by the other leaders to import not only commodities but also value added
Value added
In economics, the difference between the sale price and the production cost of a product is the value added per unit. Summing value added per unit over all units sold is total value added. Total value added is equivalent to Revenue less Outside Purchases...
products and other commodities such as oil, soybeans and iron ore. Indian Trade Minister Anand Sharma
Anand Sharma
Anand Sharma is the present Union Cabinet Minister for Commerce and Industry of the Government of India. He took charge after outgoing Minister Priyaranjan Dasmunsi fell into a critical condition due to a cardiac arrest. He was also given the portfolio for Ministry of Textiles on July 12 2011...
said that China's Commerce Minister Chen Deming
Chen Deming
Chen Deming is the Minister of the Chinese Ministry of Commerce. He was appointed to the post at the Standing Committee of the National People's Congress on December 29, 2007.-Biography:...
had assured the other leaders that his country would make it a priority to import more value-added products from the other four countries. Russia’s Deputy Economic Development Minister Oleg Fomichev also said that China pledged to set up high-technology projects in cooperation with Russia so as to "not just importing our resources and exporting industrial goods."
Brazil and India also pressed China to buy such goods as Brazilian aircraft and Indian pharmaceuticals; the two countries also complained about the artificially undervalued yuan
Renminbi
The Renminbi is the official currency of the People's Republic of China . Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC...
that they claimed was undermining their exports. South Africa wanted to process iron ore and other raw materials within the country before exporting them to China. However, at the heads of government summit China's currency valuation was not on the agenda.
All five countries also continued their calls for reform of global monetary and financial institutions. They also pledged greater cooperation amongst themselves.
International law
All five countries also called for an early conclusion to deadlocked talks an anti-terror law under UN auspices that would curtail funding for illegal groups that partake in violence against countries and deny their supporters access to funds, arms, and safe havens. A joint statement read: "We reiterate our strong condemnation of terrorism in all its forms and manifestations and stress that there can be no justification, whatsoever, for any acts of terrorism. In this context, we urge early conclusion of negotiations in the UN General Assembly of the Comprehensive Convention on International Terrorism and its adoption by all member states." The heads of government at the summit said that the UN's role was central in coordinating international action against what they labeled terrorism within the framework of the UN Charter and in accordance with principles and norms of international law
International law
Public international law concerns the structure and conduct of sovereign states; analogous entities, such as the Holy See; and intergovernmental organizations. To a lesser degree, international law also may affect multinational corporations and individuals, an impact increasingly evolving beyond...
.
United Nations Security Council reform
All BRICS countries called for "comprehensive reform of the UN, including its Security Council." China said it would endorse the aspirations of India, Brazil and South Africa for permanent membership of the UNSC. Coincidentally, the five countries are all now members of the Security Council, China and Russia as permanent members and the other three non-permanent.
Trade medium
The groups announced their decision to cease mutual trade payments in U.S. dollars and instead henceforth give credits to one another in their national currencies alone. The development bank
Development bank
The phrase development bank may refer to:* Community development banks fund low-income areas in the United States* Multilateral Development Bank provide financing for international development...
s of each state signed an agreement to further gradually alter loan currencies from U.S. dollars. This was intended to strengthen financial cooperation between the BRICS countries, as well as to expand the international significance of their national currencies.
Libyan civil war
The leaders of BRICS states expressed misgivings about NATO air strikes during the 2011 Libyan civil war
2011 Libyan civil war
The 2011 Libyan civil war was an armed conflict in the North African state of Libya, fought between forces loyal to Colonel Muammar Gaddafi and those seeking to oust his government. The war was preceded by protests in Benghazi beginning on 15 February 2011, which led to clashes with security...
and urged an end to the two-month conflict in Libya
Libya
Libya is an African country in the Maghreb region of North Africa bordered by the Mediterranean Sea to the north, Egypt to the east, Sudan to the southeast, Chad and Niger to the south, and Algeria and Tunisia to the west....
.
Leaders at the summit
The heads of stateHead of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
/heads of government of the five countries participated.
Reactions
Al JazeeraAl Jazeera
Al Jazeera is an independent broadcaster owned by the state of Qatar through the Qatar Media Corporation and headquartered in Doha, Qatar...
read the meeting as that of giving "this ad-hoc group an opportunity to test its collective strength ahead of an all-important G-20 meeting in France in November and to bring the concerns of developing nations (sic
Sic
Sic—generally inside square brackets, [sic], and occasionally parentheses, —when added just after a quote or reprinted text, indicates the passage appears exactly as in the original source...
) to the top of the global agenda."
Jim O’Neill
Jim O'Neill (economist)
Jim O'Neill is presently the Chairman of Goldman Sachs Asset Management. He was previously head of global economic research and commodities and strategy research at Goldman Sachs. He is best known for his prominent economic thesis regarding the economically related nations referred to as BRICs...
, the chairman of Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
Asset Management International and the person who coined the term BRIC
BRIC
In economics, BRIC is a grouping acronym that refers to the countries of Brazil, Russia, India and China, which are all deemed to be at a similar stage of newly advanced economic development...
, said that the countries "don’t have the same interests. The wealth per head is very different, the politics is very different, and the philosophy and their natural economic edge is different."
A commentator at the Financial Times
Financial Times
The Financial Times is an international business newspaper. It is a morning daily newspaper published in London and printed in 24 cities around the world. Its primary rival is the Wall Street Journal, published in New York City....
website lamented the low level of access granted to his and other mainstream
Mainstream
Mainstream is, generally, the common current thought of the majority. However, the mainstream is far from cohesive; rather the concept is often considered a cultural construct....
Western
Western world
The Western world, also known as the West and the Occident , is a term referring to the countries of Western Europe , the countries of the Americas, as well all countries of Northern and Central Europe, Australia and New Zealand...
media
Mass media
Mass media refers collectively to all media technologies which are intended to reach a large audience via mass communication. Broadcast media transmit their information electronically and comprise of television, film and radio, movies, CDs, DVDs and some other gadgets like cameras or video consoles...
outlets but nonetheless found it hopeful that the organisation's meetings provided, for instance, for regular Sino-Indian interaction when their bilateral relationship could carry considerable tension. He also saw hope amongst "the anodyne talk of cooperation and friendship...[in the] predictable but significant statement" in the Sanya declaration in favour of "comprehensive reform of the UN
Reform of the United Nations Security Council
Reform of the United Nations Security Council encompasses five key issues: categories of membership, the question of the veto held by the five permanent members, regional representation, the size of an enlarged Council and its working methods, and the Security Council-General Assembly relationship...
, including its Security Council."
See also
- Foreign relations of BrazilForeign relations of BrazilThe Ministry of External Relations is responsible for managing the foreign relations of Brazil. Brazil is a significant political and economic power in Latin America and a key player on the world stage...
- Foreign relations of RussiaForeign relations of RussiaThe foreign relations of Russia is the policy of the Russian government by which it guides the interactions with other nations, their citizens and foreign organizations and sets standards of interaction for Russian organizations, corporations and individual citizens towards them...
- Foreign relations of IndiaForeign relations of IndiaIndia has formal diplomatic relations with most nations, as the world's second most populous country and the world's most-populous democracy and recently has one of the fastest economic growth rates in the world...
- Foreign relations of ChinaForeign relations of the People's Republic of ChinaThe foreign relations of the People's Republic of China guides the way in which it interacts with foreign nations. As a great power and emerging superpower, China's foreign policy and strategic thinking is highly influential. China officially states it "unswervingly pursues an independent foreign...
- Foreign relations of South AfricaForeign relations of South AfricaThe foreign relations of South Africa have spanned from the country's time as Dominion and later Realm of the British Empire to its isolationist policies under Apartheid to its position as a responsible international actor taking a key role in Africa....