BRICS Informal Meetings

2013 St. Petersburg meeting: Documents

BRICS informal meetings Index

2013 Informal Meeting: September 5, St. Petersburg, Russia

On September 5, 2013, the BRICS economies—Brazil, Russia, India, China, and South Africa—held an informal meeting in St. Petersburg, Russia, alongside the G20 Summit. This meeting marked another significant step in the ongoing collaboration among these countries, which together represent a substantial segment of the global economy, with a shared interest in influencing the international economic and financial systems.

St. Petersburg, a city with a rich cultural and historical heritage, offered a backdrop for the BRICS leaders to discuss various issues of mutual interest and global significance. This 2013 meeting was particularly important as it followed the BRICS’ fifth annual summit held earlier that year in March, in Durban, South Africa, where the idea of a BRICS development bank, later to be named the New Development Bank (NDB), gained momentum.

Themes and topics that were likely addressed during the St. Petersburg meeting included:

1. Global Economic Situation: The BRICS nations, representing emerging economic powers, would have analyzed the then-current world economic scenario, including the slow recovery from the global financial downturn, challenges within major economies, and the potential impacts on emerging markets.

2. Financial Market Stability: The leaders probably discussed the effects of monetary policies in advanced economies, such as the US Federal Reserve’s talk of tapering its quantitative easing policy, which had significant implications for capital flows and currency stability within the BRICS nations.

3. Development Bank Progress: Updates and further plans regarding the establishment of the New Development Bank would have been a priority, considering its importance in financing infrastructure and sustainable development projects in BRICS and other emerging economies.

4. Reform of International Institutions: The meeting would have served as a forum to continue to push for changes in the governance of international financial institutions to allow more significant influence from emerging economies commensurate with their rising contributions to the global economy.

5. Synergy on Global Issues: The BRICS meetings often include discussions on how to align their positions on global challenges—from economic concerns to geopolitical tensions—ensuring that their joint voice carries weight in the larger G20 discussions.

6. Coordination before the G20: The informal meeting was also a strategic move to synchronize the BRICS nations’ positions and strategies ahead of the G20 summit discussions, ensuring they presented a united front on important policy issues.

7. Intra-BRICS Collaboration: The gathering provided an opportunity to further foster economic ties and strategic partnerships within the grouping, including discussion on trade and investment flows among the member countries.

The St. Petersburg informal meeting reinforced the growing importance and influence of the BRICS countries in addressing global economic issues through collaboration and consensus-building. It underscored an aspiration among these nations not only for stronger internal solidarity but also for a reformed and more equitable international economic order. The discussions had the potential to shape policies and approaches both within their own economies and in the wider global context, reaffirming the role of the BRICS in moving towards more representative global governance.

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