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Leaders of the BRICS nations arrive to Fortaleza for 6th summit of the emerging market nations

World News

15-07-2014 | 11:45

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Leaders of the BRICS nations arrive to Fortaleza for 6th summit of the emerging market nations

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The leaders of Brazil, Russia, India, China and South Africa gathered in Fortaleza, Brazil on Tuesday (July 15) for the 6th summit of the BRICS emerging market nations.

Brazilian President Dilma Rousseff welcomed Indian Prime Minister Narendra Modi, South African President Jacob Zuma, Chinese President Xi Jinping and Russian President Vladimir Putin to the north-eastern city of Fortaleza where the leaders met and are expected to sign off on plans to create a $100 billion dollar bank and reserves fund later in the day.

The joint development bank proposed by the five-nation BRICS group is expected to challenge Western dominance over global finances, though the group still has not decided where the new lender would be headquartered.

The latest impasse reflects the difficulties the countries face in working together to counter Western-run multilaterals that have shaped world finances since the end of World War Two.

Negotiations to create the bank have dragged on for more than two years as Brazil and India have fought China's attempts to get a bigger share in the lender than the others.

A delay could be an embarrassment for the group, which is better known for its anti-Western rhetoric than agreement on concrete actions to reshape the world's financial architecture.

The stark economic and political differences between the BRICS countries has made it difficult for the group to turn its rhetoric to action in co-ordinating policies.

The leaders are also expected to decide who will hold the presidency of the group for the next five years.

The heads of state are expected to continue the summit with South American leaders in Brasilia on Wednesday (July 16).

REUTERS

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