SELA meeting to discuss economic relations between LAC and BRICS Group

Its member countries total approximately 40% of the world's population, 15% of trade and 25% of the global Gross Domestic Product. Moreover, they play an important role in the economy of the countries of Latin America and the Caribbean, as well as other regions of the world.

Caracas, September 23, 2015.- The Permanent Secretariat of the Latin American and Caribbean Economic System (SELA) will hold on 8 October in Caracas the “Regional Seminar on the economic and financial relations between Latin America and the Caribbean and the BRICS Group”, a regional event intended to identify areas of opportunity for Latin America and the Caribbean in its economic, commercial and, particularly, financial aspects with the emerging nations of the BRICS Group, made up by Brazil, Russia, India, China and South Africa.

In this important regional seminar, the Permanent Secretariat of SELA will submit the study “Analysis of the economic and financial relations between Latin America and the Caribbean and the BRICS group”, which will provide the basis for the exchange of views and discussions. The document analyses the evolution of the BRICS group, as well as the characteristics, structure and projects of the New Development Bank (NDB) created by the BRICS group, and the prospects of its relationship with financial development institutions of Latin America and the Caribbean. Particularly, emphasis will be made on identifying formulas and financial arrangements to facilitate the participation of the countries of the region in that institution.

Participants in the seminar will include representatives of the Member States of SELA and the BRICS Group, officials from the Caribbean Development Bank (CDB) and the Central American Bank for Economic Integration (CABEI), as well as experts in the subject from regional and international organizations.

The BRICS Group is emerging as a community of nations that seeks to define a common agenda, in order to boost their joint growth and influence on the world economic scene. Its member countries total approximately 40% of the world's population, 15% of trade and 25% of the global Gross Domestic Product. Moreover, they play an important role in the economy of the countries of Latin America and the Caribbean, as well as other regions of the world.