The summit is seen as one of the major initiatives of the Obama administration towards the African continent and being the first US President to hold the largest event with the African head of states and governments.
The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.
The basis for the development of ties between India and Brazil rests on trade and commerce. The regional powerhouses share a relationship that is gradual and progressive. However, the Indian Prime Minister Narendra Modi’s visit to Brazil for the BRICS Summit can give a fillip to their bilateral association.
Brazil will hold the 6th BRICS Summit of Heads of State and the Governments of BRICS from 15 July 2014 to 16 July 2014. It is a coalition of emerging economies providing alternative ideas of global governance.
Boko Haram has recently emerged as one of the deadliest and most brutal terrorist groups with links to the global jihadi movement. The group is grounded in a region where it can tap into ethnic ties and take advantage of weak security environment, generic condition of lawlessness and socio-economic marginalization.
The diplomatic relations between European Union and Brazil were established during the 1960. Three aspects largely determine EU-Brazil relations: bilateral aspect, the EU-Mercosur aspect and increasingly after the financial crises the aspect of global economic governance.
The UN is convening a conference on Syria in Montreux from January 22 with 30 odd states including India attending the meet. While the US is standing in the way of Iran’s participation, Russia has stated clearly that Iran’s absence will prevent the conference from delivering the intended results.
Sixth BRICS Summit: A step towards more equitable global order?
The Declaration pushes for a more equitable norm and the New Development Bank is an interesting outcome. The initial subscribed capital of $50 billion dollars and the responsibilities of the functioning are to be shared equally among the founding members of the bank. While China will host the headquarters, the regional centre will be located in South Africa; similarly the first President of the Bank will be from India, the First Board of Governors from Russia and the first chair of Board of Directors from Brazil.