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The legal basis is formed by the Treaty for the Establishment of a BRICS Contingent Reserve Arrangement, signed at Fortaleza, Brazil on 15 July 2014. It entered into force upon ratification by all BRICS states, announced at the 7th BRICS summit in July 2015. The objective of this reserve is to provide protection against global liquidity pressures.
BRICS had the intention of improving their global power and providing adequate development for their state. [72] 5th: 26–27 March 2013 South Africa: Jacob Zuma: Durban : The fifth summit discusses the New Development Bank proposition and Contingent Reserve Agreement. BRICS also announced the Business Council and its Think Tank Council. [72] 6th
The 6th BRICS summit was the sixth annual diplomatic meeting of the BRICS, a grouping of major emerging economies that includes Brazil, Russia, India, China and South Africa. It was hosted by Brazil, as the first host country of the current five-year summit cycle; [ 3 ] the host city was Fortaleza . [ 4 ]
The 2020 BRICS summit was the twelfth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states Brazil, Russia, India, China and South Africa.
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The 2023 BRICS summit was the fifteenth annual BRICS summit, an international relations conference attended by the heads of state or heads of government of the five member states: Brazil, Russia, India, China, and South Africa. [2] [3] South African President Cyril Ramaphosa also invited the leaders of 67 countries to the summit. [4]
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In June 2000, the two countries signed the Basic Agreement on partnership relations. In 2001, a high-level committee headed by then Vice-President of Brazil Marco Maciel , and then Prime minister of Russia Mikhail Kasyanov , established several long-term bilateral treaties , initiating a strategic partnership between the two countries, and ...