Successful 11th BRICS Summit Reinforces Positive Outlook For Brazil-China Cooperation

Author:Mr Marcos Ludwig and Evandro Menezes De Carvalho
Profession:Veirano e Advogados Associados
 
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On 14 November 2019, the leaders of Brazil, Russia, India, China and South Africa met in Brasília (capital of Brazil) for the 11th BRICS Summit, which crowned a total of 116 meetings held in the course of the year under Brazil's chairmanship.

Under the theme "Economic growth for an innovative future", the BRICS leaders declared jointly to commit to:

Strengthening and reforming the multilateral system, including upholding the central role of the United Nations (UN) in international affairs and respecting international law; Promoting sustainable development in its three dimensions - economic, social and environmental - in a balanced and integrated manner; Promoting economic and financial cooperation, including greater participation of developing countries in global value chains; Collective efforts for peaceful settlement of disputes through political and diplomatic means, recognizing the role of the UN Security Council as bearing the primary responsibility for maintaining international peace and security; and Promoting intra-BRICS cooperation, highlighting the importance of science, technology and innovation (STI) and cultural cooperation (including the initiative on BRICS films and film productions). On infrastructure and financing cooperation, the BRICS leaders committed to enhancing efforts for the New Development Bank (NDB) to build a strong, balanced and high-quality portfolio of projects for infrastructure and sustainable development financing. With that purpose in mind, they welcomed the establishment of the NDB Americas Regional Office in São Paulo, along with its sub-office in Brasilia, and look forward to the opening of the two remaining NDB Regional Offices in Russia and India in 2020. Great importance was also attached to the BRICS Task Force on PPP and Infrastructure, which has been facilitating dialogue on infrastructure (including the G20 infrastructure agenda).

The BRICS leaders also acknowledged the importance of other key cooperation initiatives such as (i) the BRICS Local Currency Bond Fund, (ii) the BRICS Survey on International Payments System, (iii) the BRICS Action Agenda on Economic and Trade Cooperation, (iv) the BRICS Business Council (BBC), which has been promoting trade and investment among its members by fostering cooperation in areas such as infrastructure, manufacturing, energy, agribusiness, including biotechnology, financial services, regional aviation, alignment of technical standards, skills...

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