The 2014 Fortaleza Summit was the 6th annual summit of the BRICS nations, which took place on July 15-16 in the city of Fortaleza, Brazil. This summit marked a pivotal moment for the five emerging global powers – Brazil, Russia, India, China, and South Africa – as they sought to assert their collective influence on the world stage and institutionalize their cooperation through significant new initiatives.

With its theme, “Inclusive Growth: Sustainable Solutions,” the Fortaleza Summit underscored the desire of BRICS countries to pursue development that would not only benefit their own populations but also contribute positively to the global economy in a sustainable manner. Hosted by Brazil’s President at the time, Dilma Rousseff, the summit welcomed the other BRICS leaders: President Vladimir Putin of Russia, Prime Minister Narendra Modi of India (attending his first BRICS summit), President Xi Jinping of China, and President Jacob Zuma of South Africa.

The Fortaleza Summit was especially noteworthy for the formalization of two key entities — the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA). The NDB, often seen as an alternative to Western-dominated financial institutions like the World Bank and the International Monetary Fund (IMF), was founded to finance infrastructure and sustainable development projects within BRICS and other emerging and developing nations. The CRA was established as a framework for providing protection against global liquidity pressures and promoting further financial stability within the BRICS countries.

Leaders at the summit also focused on strengthening their economic ties and exploring new areas of cooperation, including the possibility of a BRICS-led global reserve currency. Moreover, they discussed issues ranging from the reform of global governance structures to enhance representativeness and fairness, to addressing pressing international conflicts and calling for peaceful resolutions.

Sustainable development, with a particular emphasis on addressing climate change and promoting green growth, featured as a central part of the discussions. This theme highlighted the responsibility of BRICS nations to lead by example on the international stage in promoting environmental stewardship alongside economic growth.

Throughout the summit, the BRICS leaders conducted a series of plenary sessions and meetings, which also included dialogue with business leaders during the BRICS Business Council. These interactions reinforced the partnership between government and the private sector in pursuing economic development.

At the conclusion of the summit, the leaders issued the “Fortaleza Declaration,” which encapsulated their agreed commitments and perspectives on various global issues and outlined the path for enhanced cooperation between the member countries moving forward.

The success and outcomes of the 2014 Fortaleza Summit showcased the growing maturity and influence of the BRICS grouping. It was a clear step towards changing the global economic landscape, offering an alternative vision for international finance and cooperation, and affirming the BRICS nations’ role as key players in the pursuit of a more multipolar world order.