BRICS summit raises hopes

The media have been speculating on the outcomes of the fifth summit of BRICS (Brazil, Russia, India, China and South Africa), to be held at Durban in South Africa on March 26 and 27. While several deliverables are likely, no major breakthrough is expected as of now.

But then quantity has a quality of its own. The most firmed-up outcomes of the Durban summit include setting up of a business council, a consortium of think tanks, and an agreement each on infrastructure co-financing for Africa and sustainable development. Then there will be the eThekwini Declaration (named after Durban's picturesque sea front municipality where the Convention Center is located), contents of which are still being finalized.

Since the focus of this year's BRICS summit is on "partnership, integration and industrialization", summit leaders could also clinch a framework agreement, outlining their shared strategic interest in investing in infrastructure, energy and telecommunication sectors. They are also expected to set up a new mechanism for cooperation among their stock exchanges to unify trading platforms and time standards.