Role of Putin’s Russia and BRICS Summit 2019

  • Putin will deliver a speech during the open summit part on November 14.
  • The 2019 Summit will be held in Brazil.
  • A BRICS regional office will open in Russia in 2020.

The 11th BRICS Summit will be held in Brasília, Brazil on November 13-14, 2019. This year’s BRICS slogan is “Economic Growth for an Innovative Future”. BRICS is the acronym coined for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. This year there will be two distinct differences:

1) Hightened security measures due to the unrest in South America. During the summit, the Brazilian military will be deployed to the area.

2) The partners from other nations will not be invited. Usually, partners are invited to the summit to ink trade deals and engage in additional open dialogue.

Brazilian President Jair Bolsonaro seems to share similar views as US President Donald Trump, so BRICS is not as important for him, but at the same time he can’t leave the partnership. According to the summit’s agenda the topics of discussion are pertaining to technology and innovation, as well as cooperation in curbing organized crime and money laundering. Brazil does have a significant issue with crime. Brazil has identified countering terrorism as one of its priority areas for BRICS under his presidency.

Putin is slated to give a speech on the November 14th at the open part of the BRICS summit.

It has been ten years since the BRICS inception. Brazil, China, Russia and India created the partnership and South Africa joined in 2010. Over the last 10 years China’s economy has evolved. Currently, China is embroiled in a trade war with the US. The orgasnization also encountered additional difficulties with Russia being under sanctions for the Crimea annexation. Add to that India’s continuous problems with Pakistan and the Kashmir region.

The first Summit was held in Ekatirenburg, Russia in 2009. This year marks the 10 year anniversary. Russia looks at BRICS as a part of their attempt for further geological control on a global scale. China is using BRICS as an alternate avenue for trade.

The organization’s New Development Bank headquarters are under construction in Shanghai and will be ready in 2021. The bank was created in July 2015. The goal of the bank is to provide funding for infrastructure and sustainable development. Each BRICS member has an equal ownership share and no country has any veto power. The banks’ capital is $50 billion. In 2019 NDB’s loan book consisted of $10.2 billion, with one AAA and two AA+ international credit ratings. Russia will also have a regional headquarters of NDB bank opening in Moscow in 2020.

Russia plans to offer a new form of cyber protection for the BRICS members.

Additionally, members are discussing creation of an international mobilization group to predict and liquidate emergency situations. This will also allow BRICS to elevate its role on the global scale, while allowing a deeper reach into other areas in the world. Russia already has an emergency center in Serbia.

The 2020 BRICS Summit will be held in St. Petersburg, Russia and they have already announced 150 planned events.

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Christina Kitova

I spent most of my professional life in finance, insurance risk management litigation.

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