BRICS Foreign Ministers Meeting 2009, September 24, New York

The BRICS Foreign Ministers Meeting on September 24, 2009, in New York was a significant event in the early development of the BRICS group.

The 2009 New York Meeting

  1. Agenda:
    • While specific details are limited, it’s likely the ministers discussed:
      • Global economic situation in the wake of the 2008 financial crisis
      • Reform of international financial institutions
      • Climate change (as the Copenhagen Climate Conference was approaching)
      • Coordination of positions on various UN issues
  2. Importance:
    • This meeting helped solidify BRIC as a cohesive group on the international stage.
    • It allowed the ministers to coordinate their positions ahead of important UN discussions and other international forums.
  3. Bilateral Meetings:
    • Such gatherings often provide opportunities for bilateral discussions between member countries on the sidelines.

Developments Following the Meeting

  1. Expansion to BRICS:
    • In 2010, South Africa was invited to join the group, transforming it into BRICS.
    • The first summit including South Africa was held in 2011 in Sanya, China.
  2. Increasing Influence:
    • BRICS countries began pushing for greater representation in global financial institutions like the IMF and World Bank.
    • They started exploring the idea of creating their own financial institutions.
  3. New Development Bank:
    • In 2014, BRICS countries signed an agreement to create the New Development Bank, which became operational in 2015.
  4. Contingent Reserve Arrangement:
    • Also in 2014, BRICS established a $100 billion Contingent Reserve Arrangement to provide support to member countries during balance of payments difficulties.

Impact on Global Governance

  1. Alternative Voice:
    • BRICS emerged as an alternative voice to the G7 in global economic discussions.
    • The group advocated for a more multipolar world order.
  2. South-South Cooperation:
    • BRICS became a symbol of South-South cooperation and a platform for emerging economies to coordinate their positions.
  3. Economic Weight:
    • By 2009, BRIC countries accounted for about 15% of the global economy and 42% of global population, highlighting their growing importance.

The 2009 Foreign Ministers Meeting in New York was thus a stepping stone in the evolution of BRICS from an economic concept to a significant geopolitical entity, playing an increasingly important role in global governance and economic affairs.

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