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South Africa: President Putin arrives in Durban for the BRICS 2013 summit00:42

South Africa: President Putin arrives in Durban for the BRICS 2013 summit

South Africa, Durban
March 26, 2013 at 14:39 GMT +00:00 · Published

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South Africa: President Putin arrives in Durban for the BRICS 2013 summit

Russian president Vladimir Putin arrives in Durban, South Africa for the fifth annual BRICS summit Tuesday.

The summit will provide a chance to discuss key geo-political and economic issues. The Brazlian president Dilma Rousseff, Indian president Manhoman Singh, Chinese president Xi Jingping and president Jacob Zuma of South Africa will also participate in the summit over 26, 27 March.

One of the key topics that will be discussed is the establishment of a new development bank. It will be expected to provide an alternative to such financial insitutions as the World Bank and the International Monetary Fund. A resolution for a development bank was passed during the last BRICS summit held in India in 2012. A main point of discussion for the 2013 summit will be how to fund and operate the bank.

The BRICS countries account for 43% of the total global population.South Africa was invited to the BRIC Summit for the first time in 2010 to add an African dimension to the summits. Delegates from various African republics are expected to attend meetings and gatherings organised around the summit.

In 2012, trade between the BRICS countries has increased to $282 billion (EUR220 billion). Their economies together have foreign-currencies reserves with a value of up to an estimated $4.4 trillion (EUR3.4 trillion).

South Africa: President Putin arrives in Durban for the BRICS 2013 summit00:42
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South Africa: President Putin arrives in Durban for the BRICS 2013 summit

Russian president Vladimir Putin arrives in Durban, South Africa for the fifth annual BRICS summit Tuesday.

The summit will provide a chance to discuss key geo-political and economic issues. The Brazlian president Dilma Rousseff, Indian president Manhoman Singh, Chinese president Xi Jingping and president Jacob Zuma of South Africa will also participate in the summit over 26, 27 March.

One of the key topics that will be discussed is the establishment of a new development bank. It will be expected to provide an alternative to such financial insitutions as the World Bank and the International Monetary Fund. A resolution for a development bank was passed during the last BRICS summit held in India in 2012. A main point of discussion for the 2013 summit will be how to fund and operate the bank.

The BRICS countries account for 43% of the total global population.South Africa was invited to the BRIC Summit for the first time in 2010 to add an African dimension to the summits. Delegates from various African republics are expected to attend meetings and gatherings organised around the summit.

In 2012, trade between the BRICS countries has increased to $282 billion (EUR220 billion). Their economies together have foreign-currencies reserves with a value of up to an estimated $4.4 trillion (EUR3.4 trillion).

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