Budget Speech, 2013Working with our BRICS Partners |
Next month, we will host the 5th annual BRICS Summit, which brings together Brazil, Russia, India, China and South Africa. The Summit will unveil the work we have been doing with our BRICS partners on the following projects:
| • | The possible establishment of a BRICS-led bank is intended to mobilise domestic savings and co-fund infrastructure in developing regions |
| • | The pooling of members’ foreign exchange reserves with the view of using them to support each other at times of balance of payments or currency crisis. Collectively, BRICS countries hold reserves totalling USD 4.5 trillion. |
| • | Work is underway on creating a trade and development insurance risk pool. The aim is to establish a sustainable and alternative insurance and reinsurance network for the BRICS countries. |