Saturday, 11 April 2015

Ufa in Russia holding 7th Summit of the BRICS countries and the one of the Shanghai Cooperation Organization (SCO) member states

The city of Ufa, capital of the Republic of Bashkortostan, also known as Bashkiria, part of the Russian Federation will host next July the Summits of the BRICS and SCO member states.

Bashkiria/Republic of Bashkortostan

BRICs: The acronym of of BRIC [Brazil, Russia, India and China] was first cited in 2002 by Goldman Sachs, the American multinational investment banking firm, to outline the growing importance at global level of the emerging market economies in particular from the Eurasian region (Reference to the Global Economics Paper No. 66, “The World Needs Better Economic BRICs”). The paper compared the economies of the emerging countries  with those of the G7 group (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States  The European Union) stressing the need to involve countries, like China, in the talks on world politics and economy made by the western powers. Already in 2002 China GDP surpassed the one combined of Canada and Italy.The table below shows how the relevance of the BRIC countries in the global economy has further grown in 2013.

World Bank GDP dollar estimates for2013 derived from purchasing power parity (PPP) calculations. 


The BRIC group expanded then in September 2010 when at a Foreign Ministers meeting in New York it was agreed to invite also South Africa (29th most important global economy in 2013 according to World Bank statistics). 
The one running in Ufa is the 7th summit of a series started in 2009. The first was held in Yekaterinburg, Russia, on June 16, 2009; the second in Brasilia on 15 April 2010, the third in Sanya, China on 14 April 2011, the fourth in New Delhi, India on 29 March 2012,  the fifth in Durban and the 6th in Fortaleza and Brasilia in Brasil.

 While the concept “BRICS” was first created to refer to the investment opportunities of the rising emerging economies, the leaders’ meetings transcend the financial context to embrace a wide range of summit-level issues relating to global governance, such as development, peace and security, energy and climate change, and social issues. 
The BRICS mechanism also aims at contributing significantly to the development of humanity and establishing a more equitable and fair world.

SCO - Shangai Cooperation Organization
Official logo of SCO
The city will also host the summit of the SCO member states.
The Shanghai Cooperation Organisation (SCO) is a permanent intergovernmental international organisation creation of which was proclaimed on 15 June 2001 in Shanghai (China) by the Republic of Kazakhstan, the People’s Republic of China, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan and the Republic of Uzbekistan that joined the Organisation in 2001. The main goals of the SCO are strengthening mutual confidence and good-neighbourly relations among the member countries; promoting effective cooperation in politics, trade and economy, science and technology, culture as well as education, energy, transportation, tourism, environmental protection and other fields; making joint efforts to maintain and ensure peace, security and stability in the region, moving towards the establishment of a new, democratic, just and rational political and economic international order. 


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