NEW DELHI, Mar 25: The BRICS (Brazil, Russia, India,China, South Africa) Summit to be held in Durban (South Africa) tomorrow and on March 27, is expected to launch a Reserve Pool to provide financial support to member countries of the grouping in times of need.
Food security will be high on the agenda at the Summit as it is an important issue for the BRICS member countries, officials said here today.
It will discuss “new ideas” and ways to revive global growth and ensure macro-economic stability, and seek measures to promote investment in infrastructure and sustainable development.
BRICS economies together represent about 43 per cent of the world’s population and approximately one-fifth of the global GDP. In 2012, the BRICS countries accounted for approximately 11 per cent global FDI flows (465-billion US Dollars) and about 17 per cent world trade.
The BRICS Forum which completes the first cycle of Summits with the one in Durban, is envisaging a global role.
This was made clear by Prime Minister Manmohan Singh in his mesage to the five-nation Forum ahead of the Summit that BRICS can and should play its role in advancing peace and stability in the world.
The Summit is also expected to firm up a BRICS development bank
to help fund infrastructure and sustainable development projects in the member countries.
The bank would help in reducing dependence of BRICS member countries on World Bank and International Monetary Fund.
The idea of having such a bank was mooted during the fourth BRICS summit in New Delhi last year.
The Prime Minister is also accompanied by Finance Minister P Chidambaram and Commerce Minister Anand Sharma.
While envisaging a global role for BRICS, Prime Minister Manmohan Singh made it clear that the five-nation forum was not directed against anyone.
“Since BRICS is not a forum directed against anyone, it can and should also seek to play its part in advancing peace and stability in the world,” the Prime Minister said in a message to the BRICS Forum.
An agreement is also likely to be firmed up on infrastructure co-financing for Africa and sustainable development.
A Thekwini Declaration will be issued after the Summit.
The Declaration is named after the picturesque sea resort where the Convention Center–the venue of the Summit–is located.
A framework agreement outlining the shared strategic interest of BRICS countries in investing in energy, infrastructure, and telecommunication sectors is also likely to be firmed up.
Sources said that although no major breakthrough was expected at the Summit, several “deliverables” were likely including establishment of a Business Development Council.
No decision is likely on the subject of including Egypt as the sixth members of the grouping although Egyptian President Mohammed Morsi who will be attending the Summit as an invitee, has aleady extended a request for inclusion describing his country as ‘gateway to Africa.’
The Prime Minister is likely to have a bilateral meeting with new Chinese President Xi Jinping on March 27 on the sidelines of the Summit. This will be first meeting between the Prime Minister and Mr Xi Jinping who was named President of China on March 14.
The Prime Minister is likely to have a meeting with Russian President Vladimir Putin on March 26. He also looked forward to meet President Jacob Zuma of South Africa and President Dilma Rousseff of Brazil on the margins of the Summit.
Details and timings of the bilateral meetings were still being worked out, a senior official of the External Affairs Ministry said.
The Prime Minister is also likely to have separate one-on-one with the leaders of some African countries.
President Zuma has also invited the African Union (AU) and Egypt President Mohammed Morsi to attend the Summit. (AGENCIES)
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