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BRICS summit hailed as a success

The South African government on Wednesday said they are happy with the proceedings of the 6th BRICS summit, indicating that all the resolutions and declarations taken at the summit where done after deliberations and agreement on equal basis.

The sixth BRICS summit concluded Tuesday in Fortaleza, Brazil with various commentators saying it was a success with resolutions and declarations taken.

"We are happy as part of the BRICS association about what has happened, it's a positive and satisfactory outcome. We are happy with the establishment of the new development bank and the Contingent Reserve Arrangement (CRA)," said Clayson Monyela, spokesperson of the Department of International Relations and Cooperation in an interview with Xinhua.

"Those were deliberated in the last summit we hosted in Durban and the Sixth summit concretized that. Various partnerships were also enhanced to give impetus to the relations," added the spokesperson.

Monyela reiterated that BRICS leaders reinforced their resolve to work with other world actors to build a better world with just and equitable institutions and good governance.

The BRICS leaders finally agreed to establish the BRICS Development Bank which headquarters in Shanghai, China and with an African regional center in South Africa. The bank would have an initial authorized capital of 100 billion U.S. dollars. The initial subscribed capital of 50 billion dollars will be equally shared among founding members.

South Africa had in the past offered to host the bank. Monyela said they are not disappointed that South Africa is not hosting the bank but happy.

"We are happy with the Bank being headquartered in China. We are not disappointed, remember the decision was taken by the summit and the leaders collectively. We are also happy with the regional offices in Africa as a country fighting for African integration. The powers in the bank are evenly spread, rotational chairmanship, one vote an same shareholding powers and we are glad with that," said Monyela.

Christopher Wood, a researcher with South African Institute of International Affairs (SAIIA)'s Economic Diplomacy Programme also told Xinhua that the summit was a success.

"Its a welcome development of the establishment of the New Development bank and the details and the Contingent Reserve Arrangement. There were also discussion on how to develop economic cooperation, energy pool, insurance and many more which is a positive development. These would also help cushion members and in times of economic crisis," said Wood.

Wood said the declaration to deepen their partnership with a renewed vision is a good pointer to further cooperation.

The BRICS leaders also signed Fortaleza Declaration with various visions. These includes a pledge by BRICS members to work with the global community to support sustainable, stronger and inclusive growth and promote quality job and stabilize the financial activity.

Wood also noted that people should not read too much in the fact that it has headquarters in China.

"China has the biggest economy in the group and its possible members found it ideal to have headquarters in Shanghai with its superior financial center to be at par with London or New York. There would a Africa liaison officer in South Africa after all," he said.

Wood stated that the summit would be a turning point after the first circle of all members chairing the summit. He said the next years of BRICS are expected to be action oriented since the initial years were planning and putting into place structures to enhance partnerships and cooperation.

Patrick Craven, national spokesperson of the Congress of South African Trade Unions said that "we are yet to receive the report from those in Brazil but like we said in our statement the inclusion of Labor in the BRICS Official processes to ensure we advance workers interests and contribute in shaping the future BRICS political economy landscape favorably towards equitable, sustainable and just development."

[Source: By Zhang Chuanshi and Ndumiso Mlilo, Xinhua, Johannesburg, 16Jul14]

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