Two learners were chosen to join SAIIA researchers Catherine Grant-Mokokera and Memory Dube at a press briefing at the start of the 5th BRICS Summit in Durban. At this event Youth@SAIIA learners Morategi Kale and Thokozani Nhlapo officially presented the 2013 BRICS Youth Communiqué – on the Proposed Creation of a BRICS Development Bankto the Chief Director Victor Mashabela of the Department of Trade and Industry.
Some of the learner recommendations to BRICS leaders highlighted in the 2013 BRICS Youth Communiqué – on the Proposed Creation of a BRICS Development Bank are to:
- Create a system that allows for equal funding and partnership of all BRICS nations.
- Consider locating the BRICS Development Bank (BDB) in either Shanghai, China or South Africa
- Create a branch of the BRICS Development Bank in each member state and a virtual secretariat.
- Carry out pilot projects within BRICS countries before moving into other developing countries.
- Creating a separate youth programme funding area.
Below is the text of the Communiqué. You can also download the PDF version.
2013 BRICS YOUTH COMMUNIQUÉ – ON THE PROPOSED CREATION OF A
BRICS DEVELOPMENT BANK
Negotiated and Agreed Upon
At the 1st South African Institute of International Affairs Model BRICS Summit, Johannesburg, South Africa
We the children and youth of South Africa, having considered the views of the Federative Republic of Brazil, the Russian Federation (Russia), the Republic of India, the People’s Republic of China and the Republic of South Africa (BRICS) on the proposed creation of the BRICS Development Bank, have concluded the following:
On the establishment of the proposed BRICS Development Bank, we the children and youth call upon BRICS learners to:
1. Establish a bank that:
- Is independent from government and free from the influence of a country’s political agenda.
- Is inclusive of all BRICS nations irrelevant of their financial contribution and status.
- Acknowledges the efforts of existing multilateral and regional financial institutions and engages in collaborative projects where possible.
- Does not impose strict conditions on how loans are given for development.
On the location of the proposed BRICS Development Bank, we the children and youth call upon BRICS leaders to:
2. Consider locating the BRICS Development Bank (BDB) in either Shanghai, China or South Africa for the following reasons:
The Case for China
China has established financial systems such as internationally recognised telecommunications and banking IT systems. China is a strong trading partner and has bilateral and multilateral relations with their BRICS partners and other developing nations.
The Case for South Africa
The trade between the BRICS countries and Africa has increased considerably in the last decade. If the bank were to be situated in South Africa, we believe that this relationship would be further developed. South Africa, like China, has sound and established financial institutions which could be used as a solid support system for the BDB.
3. Create a branch of the BRICS Development Bank in each member state and a virtual secretariat. The purpose of the branch would be to facilitate the dissemination and accessibility of information regarding BDB projects. These branches would also encourage grass roots level participation in each member state.
On the currency and funding of the proposed BRICS Development Bank, we the children and youth call upon BRICS leaders to:
4. Create a system that allows for equal funding and partnership of all BRICS nations.
5. Consider selecting the Chinese Renminbi (Yuan) as the primary currency of the BRICS Development Bank. We acknowledge that the BRICS nations are at various stages of development; as a result it has been difficult to decide on a uniform currency for the group. We do however feel that the Chinese Renminbi (Yuan) could be a viable BRICS currency, since China has established the Renminbi with its current trading partners.
6. Put the financial sustainability of the BDB at the forefront of your agenda. We recognise that each of the BRICS members have already pledged $10-billion as an initial contribution towards the bank, but know that this is insufficient to sustain the bank in the long term. We therefore encourage the leaders of the BRICS nations to find other ways to fund the proposed bank.
On the projects of the proposed BRICS Development Bank, we the children and youth call upon BRICS leaders to:
7. Focus the work of the BRICS Development Bank on the developing world.
8. Carry out pilot projects within BRICS countries before moving into other developing countries. We believe that it is important that we do not make the same mistakes of other multilateral financial institutions, and therefore implore BRICS leaders to look at piloting a grant model in our nations first.
9. Fund projects throughout the developing world once a successful grant model is established.
10. Create basic criteria for grants that includes:
- Funding project that best reflect the BRICS agenda.
- Funding projects that encourage sustainable development to ensure a thriving world for future generations.
- Projects with a focused plan and tangible deliverables.
- Mechanisms for better communicating the work of the project to the BDB and the general public.
11. Creating a separate youth programme funding area that includes:
- Improving and developing educational facilities (primary, secondary, and tertiary).
- Inter-BRICS youth projects.
- Skills development for youth.
- Youth employment focus.
The 2013 BRICS Youth Communiqué – On the Proposed Creation of a BRICS Development Bank was presented on 25 March 2013 at a press briefing organised by the South African Institute International Affairs and Global Economic Governance Africa (GEG-Africa) Project in Durban, South Africa.
