Heads of states from Brazil, Russia, India and China and African states such as Zambia, Egypt and Rwanda are expected to attend the summit held for the next three days.
This year also marks the 10th anniversary of the Brics Summit but after ten years in coalition, does the grouping of the five emerging markets have something to show after a decade of being in partnership and have ordinary citizens from developing countries benefited from this?
To discuss the Brics Summit, Eusebius McKaiser speaks Professor of International Development Law and African Economic Relations, University of Pretoria Danny Bradlow and Managing Director of Emerging Markets and Africa at Deloitte Martyn Davies.
Davies says if we rewind, Brics's was a mere acronym, almost an investment currency of countries rewinding back almost 15 years.
Brics was an acronym, there was no alliance, there was no grouping, there was no club. It started to take on a bit of a geopolitical nature, arguably after the sort of western financial shock of 2008, summits started.— Martyn Davies, Managing Director of Emerging Markets and Africa at Deloitte
Respective governments started to believe that there is something in this, in December 2010 it became relevant for us because we were invited by Beijing, to join the grouping.— Martyn Davies, Managing Director of Emerging Markets and Africa at Deloitte
Fast-forwarding eight years on, we are going through a period arguably post-2014 where there was a decision made by respective countries to institutionalise it.— Martyn Davies, Managing Director of Emerging Markets and Africa at Deloitte
Bradlow says the first criteria is what does Bics add as a collective to each of the five countries?
Because clearly they each have bilateral relations with each other and as we saw yesterday, South African gets economic benefits from its relationship with China that are really independents of the Brics.— Danny Bradlow , Professor of International Development Law and African Economic Relations University of Pretoria
So the first question is what do they add as a collective? And there the successes look like the new development bank, the so-called Brics bank which is a contingence reserve arrangement, it is a monetary arrangement.— Danny Bradlow , Professor of International Development Law and African Economic Relations University of Pretoria
He adds that there have been other collective things like the seed bank and their efforts to develop their Bond Fund where there are talks of them creating a vaccine research centre.
Listen below to the full interview: