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BRICS Development Bank announced, headquarters in Shanghai, India the 1st president

Reporter: Stephen Gibbs 丨 CCTV.com

07-16-2014 12:25 BJT

Full coverage: Xi attends BRICS summit, visits Latin America

The most important achievement on day one is the creation of the BRICS Development Bank. Emerging economies, China, Brazil, Russia, India and South Africa signed the long-anticipated document for the $100 billion Bank and a reserve currency pool worth over another $100 billions. Both will counter the influence of Western-based lending institutions and the US dollar.

Chinese President Xi Jinping (2nd R) poses for a group photo with Russian President Vladimir Putin (1st L), Indian Prime Minister Narendra Modi (2nd L), Brazilian President Dilma Rousseff (C), and South African President Jacob Zuma during the sixth BRICS summit in Fortaleza, Brazil, July 15, 2014. (Xinhua/Lan Hongguang)

Chinese President Xi Jinping (2nd R) poses for a group photo with Russian President Vladimir Putin (1st L), Indian Prime Minister Narendra Modi (2nd L), Brazilian President Dilma Rousseff (C), and South African President Jacob Zuma during the sixth BRICS summit in Fortaleza, Brazil, July 15, 2014. (Xinhua/Lan Hongguang)

The leaders of almost half the world’s population, together in one place. The BRICS has long been seen as an informal gathering, a meeting of mutual interests. Now Brazil, Russia, India, China and South Africa are seeking to create something concrete, part of their ambition to reflect a changing world economic order. And this meeting presented a decision on that. The creation of the BRICS development bank.

There had been some negotiation between India and China as to where that bank will be based, and who will head it. The decision made here is that the headquarters will be in Shanghai, and its first President will be Indian.

This was also the first major appearance on the international stage of the recently elected Prime Minister Modi of India.

He held his first one-on-one meeting with President Xi. It’s understood both leaders expressed their willingness to end a long-running border dispute. And prepare for President Xi’s visit to India in September.

The meeting provided unstated, but important, support for Russia’s President Putin. The President, sanctioned by the UN, and portrayed as something of a pariah by Washington, was warmly welcomed here.

Brazil’s - and the BRICS position on Russia’s actions in Ukraine - is one of neutrality.

The BRICS is perhaps unique in world grouping. Neither a trading block, nor a political alliance, its members are keen to stress that it is much more than just a name.

And now there will be a bank with the BRICS name, an important step towards a more established role, has been taken.

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