Preview of the Upcoming BRICS Summit in Ufa Russia

In about a month, the 7th BRICS Summit will take place in Ufa Russia. This will probably be one of the most significant events relevant to the topic we cover on this blog during the summer. We can expect quite a bit of news to come from this summit including more details on the operation of the new BRICS Bank and when it will be fully operational. In addition, with the upcoming review of the SDR currency basket this fall at the IMF, we can expect a lot of lobbying for Yuan inclusion in the SDR as well as for approval of the IMF 2010 quota reforms. 

Below are some links that will give you a comprehensive preview on the summit. We will cover it here probably about as much as the mainstream media will (perhaps even more than the western media). The links below will give you plenty of good information on what to expect in July when the summit begins.

Here is the link to the official web site for the 7th BRICS Summit

Here is a link to some info on the part of Russia where the summit will be held

It looks like Russia will use the summit to feature the Shanghai Cooperation Organization

Russian spending to prepare for the summit

Article examining China's view of the BRICS leading into the summit

Russia to Host BRICS Business Leaders in June ahead of Summit

It is obvious the BRICS are moving forward with a variety of initiatives that could impact the international monetary system in the future, even if the pace of change is much slower than many people anticipate. We can expect that the BRICS will play some kind of important role in whatever changes we see in coming years. There is much debate as to whether China and the BRICS plan to use these new initiatives in cooperation with the existing global financial institutions or as a way to bypass them or even confront them.

We should get some added insight into their plans and ideas from this upcoming summit and we will certainly give it full coverage here in July.