- BRICS’ New Development Bank formally established during this summit –
It is being seen as major multilateral development institution, created primarily to finance infrastructure projects in the BRICS countries as well as other developing countries. The bank has a capital of $100 billion and is expected to be operational by the end of 2015, or early 2016. Membership for the same will be open to all member countries of the United Nations.
- Inclusion of four new “dialogue partners” –
An announcement regarding the four new dialogue partners was made during the summit. The four countries are Armenia, Azerbaijan, Cambodia and Nepal. Belarus, a previous dialogue partner, is now formally an observer along with Iran, Mongolia, and Afghanistan.
- No new members for BRICS –
There was an official announcement pertaining to the fact that the current membership [format] of BRICS is an optimal one and all member countries are driven by mutually accepted national interests. And therefore the Union is in no hurry to expand its membership.
- BRICS will work in complete harmony with International Organizations such as the UN and WTO –
The BRICS countries reiterated their commitment to work in tandem with the International Organizations such as the WTO and especially within the G20. However, there was insistence on International financial architecture reform.
The Brazilian President, Dilma Rousseff was noted saying that the alliance [BRICS] must ‘make it a priority to increase representation in international organization, including the IMF.’ The platform was also used by BRICS leaders to express their disappointment with the United States for not ratifying the 2010 reforms to the IMF, which “continues to undermine the credibility, legitimacy and effectiveness of the IMF.”
- Creation of Shanghai Cooperation Organization (SCO) development bank –
On the concluding day of the BRICS/SCO meeting of global leaders the Russian president, Vladimir Putin emphasised the priority task of improving cooperation in the finance sphere. “The idea of establishing an international project financing centre on the basis of the SCO inter-bank association seems promising.” said Mr. Putin.
- India and Pakistan entered an ascension process into the political, economic and security alliance –
The entry of these countries is expected to enhance the SCO’s ability to counter regional as well as contemporary challenges thereby boosting its political and economic potential.