BRICS Informal Meetings

2011 Cannes meeting: Documents

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BRICS informal meetings Index

BRICS Informal Meeting November 3 2011, Cannes, France

The BRICS Informal Meeting that took place on November 3, 2011, in Cannes, France, was a significant gathering of the leaders of the five major emerging national economies: Brazil, Russia, India, China, and South Africa. This meeting was held on the sidelines of the G20 Summit, which is an international forum for the governments and central bank governors from 20 major economies.

The BRICS grouping represents over 3.1 billion people, or about 41% of the world population, and, as of 2020, these five nations have a combined nominal GDP of approximately 24 trillion USD and an estimated 4 trillion USD in combined foreign reserves. The convening of the BRICS leaders in an informal setting underlines the growing importance of these economies within the global financial architecture and their collective influence on international economic and political affairs.

During the Cannes meeting, the BRICS leaders likely discussed a range of pressing global economic issues, including the Eurozone debt crisis, which was a dominant concern at the time, given its potential ripple effects across the global economy. Their discussions may have also focused on reform of the international financial system, improving global economic governance, ensuring sustainable development, and fostering market stability.

Cooperation and coordination among the BRICS countries could have been on their agenda as well, particularly regarding how to present a united front within the G20 deliberations and on key voting matters such as the election of the Director of the International Monetary Fund (IMF) and the President of the World Bank, both of which were of interest to BRICS nations seeking greater influence within these institutions.

The Cannes informal meeting, just like other BRICS interactions, tends to result in joint statements that signify shared positions on global economic issues. These nations, through such meetings, work towards creating synergies based on their common interests in promoting economic growth, investment opportunities, and multilateralism. They also usually explore ways to expand intra-BRICS trade and investment ties.

The BRICS meetings are an opportunity not only to discuss policies and agreements but also to strengthen interpersonal relations and build trust among the leaders of these influential countries. The meetings serve a strategic function in aligning positions before larger summits and in creating a common stance on the issues that are most relevant to emerging economies.

Overall, the informal BRICS meeting in Cannes was part of a series of high-level diplomatic engagements that reflect the shifting power dynamics in the global economy and the increasing role that emerging markets play in shaping the international agenda.

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