Finance

BRICS Ministers Meetings

2009 United Kingdom meeting: Documents

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  • 2009: September 4, London, United Kingdom
  • 2009: March 14, Horsham, United Kingdom
  • 2008: November, Sao Paulo, Brazil

BRICS Finance Ministers Meeting 2009: March 14, Horsham, United Kingdom

The global financial crisis of 2008-2009 had created a challenging economic environment worldwide. In response, major economies and emerging markets were seeking ways to coordinate their efforts to stabilize the global financial system and promote economic recovery. The BRIC (Brazil, Russia, India, and China) countries, representing significant emerging economies, were increasingly asserting their role in global economic governance.

The Meeting

The meeting took place in Horsham, a market town in West Sussex, England. It was strategically scheduled to coincide with the G20 Finance Ministers and Central Bank Governors Meeting, allowing BRIC representatives to coordinate their positions before engaging with the broader G20 group.

Participants

Key attendees likely included:

  • Guido Mantega (Brazil’s Finance Minister)
  • Alexei Kudrin (Russia’s Finance Minister)
  • Pranab Mukherjee (India’s Finance Minister)
  • Xie Xuren (China’s Finance Minister)

It’s worth noting that these ministers were often accompanied by senior officials from their respective finance ministries and central banks.

Agenda and Discussions

While the specific agenda is not publicly detailed, based on the context and subsequent communiqués, the ministers likely discussed:

  1. The global economic situation and recovery strategies
  2. Reform of international financial institutions
  3. Increasing the voice of emerging economies in global financial governance
  4. Potential for intra-BRIC economic cooperation
  5. Preparations for the upcoming first BRIC summit (June 2009 in Yekaterinburg, Russia)

Outcomes and Significance

Joint Communiqué

The meeting resulted in a joint communiqué, which would have outlined shared positions on key economic issues. This document likely emphasized:

  • The need for a more representative international financial architecture
  • Support for increased funding and reform of the IMF and World Bank
  • Calls for resisting protectionism in global trade

Strengthening BRIC Cooperation

This meeting further solidified the BRIC grouping as a significant voice in global economic affairs. It helped build momentum for the first BRIC Summit later that year and laid groundwork for future economic cooperation.

Influence on G20 Discussions

The coordinated BRIC position likely influenced the subsequent G20 discussions, particularly on issues related to IMF reform and the role of emerging economies in the global financial system.

Follow-up and Long-term Impact

  1. Subsequent Meetings: This meeting set a precedent for regular BRIC(S) finance ministers’ meetings, which have continued to this day.
  2. Expansion to BRICS: In 2010, South Africa joined the group, expanding it to BRICS and further increasing its global economic significance.
  3. New Development Bank: Discussions in these early meetings eventually led to the establishment of the New Development Bank (formerly known as the BRICS Development Bank) in 2014.
  4. BRICS Contingent Reserve Arrangement: Similarly, these meetings paved the way for the creation of the BRICS Contingent Reserve Arrangement in 2015, a framework for providing protection against global liquidity pressures.

The 2009 Horsham meeting, while a relatively early gathering of BRIC finance ministers, played a crucial role in shaping the group’s future economic cooperation and its approach to global financial governance. It represents a key moment in the evolution of BRICS as a significant player in international economic affairs.

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