Thursday, March 28, 2013

Equatorial Guinea Attends 5th Annual BRICS Summit

Obiang Nguema Mbasogo, President of Equatorial Guinea, recently attended the fifth BRICS Summit (Brazil, Russia, India, China and South Africa), held in Durban, South Africa from March 26-27.

BRICS aims to achieve peace, security, development and cooperation. The BRICS Summit seeks common ground on key areas for the world’s leading emerging economies, Brazil, Russia, India, China and South Africa. The Summit focuses on political and entrepreneurial coordination, in which BRICS member countries have identified business opportunities, economic complementarities and cooperation opportunities.

This year’s BRICS Summit focused on BRICS and Africa, a partnership for development, integration and industrialization. The leaders reaffirmed their commitment to the promotion of international law, multilateralism and the central role of the United Nations (UN). The group said to be open to increasing their engagement and cooperation with non-BRICS countries, in particular Emerging Market and Developing Countries (EMDCs) during their closing declaration.

The first BRIC Summit was held in Russia, where the leaders of the four countries formally declared the membership of the BRIC economic bloc. South Africa joined the group in 2010, resulting in BRICS.