BRICS Summit in Fortaleza – From Economics to Politics

The 2014 summit's main topic is "inclusive growth: sustainable solutions.” The leaders of the BRICS countries — Brazil, Russia, India, China and South Africa — are expected to sign agreements for the establishment of the New Development Bank (NDB) and a $100 billion Contingency Reserve Arrangement (CRA).

Russian Finance Minister Anton Siluanov said last week "the bank is open to taking in new participants among United Nations members, but the agreement is that the BRICS share will not fall below 55 percent.”

The first day of the meeting in Fortaleza is dedicated to review the results of the first year of Business Council work. Business representatives from the BRICS are to report on their achievements in furthering business ties as well as signing new agreements and discussing future projects.

It has also been hinted that Brazil, Russia, India, China and South Africa will seek to foster electronic commerce within the bloc.

Among the issues to be discussed in Brazil are expansion of trade, investment cooperation, BRICS economic cooperation strategy and other growth factors in key areas such as manufacturing, energy, transport, logistics, agriculture, mining and innovation.

In 2013, Russia-BRICS trade increased by 0.5 percent to about $105 billion.

The first day also has scheduled a meeting of finance ministers, trade ministers and development bank presidents.

On July 15, the second day of the summit, the heads of the five member states are to hold the first private session in Fortaleza. Another meeting of BRICS leaders is due to be held on July 16, in Brasilia.

The leaders are expected to advance the joint political agenda and issue a joint BRICS declaration announcing their view on international issues, in addition to discussing the economic issues.

The summit in Fortaleza is the sixth official meeting of the bloc. The previous summit was held last March in Durban, South Africa, while Russia's Ufa is scheduled host next year's summit.

RIA Novosti