Global Economics Monthly: Summertime in Ufa: What to Expect from the BRICS and SCO Summits

The Russian city of Ufa is coming up on summit season. From July 7 to 10, the city will play host to both the BRICS and Shanghai Cooperation Organization (SCO) summits. Until last year, the BRICS summit—a meeting of Brazil, Russia, India, China, and South Africa—had largely been seen as a geopolitical curiosity, useful for relationship building, perhaps, but with little tangible cooperation to point to. That changed at the 2014 BRICS summit with the establishment of the New Development Bank, better known as the BRICS bank. The same may now be happening with the SCO, which will become increasingly important if China is to make good on its One Belt, One Road strategy. While the jury is still out on the long-term significance of these institutions, here are a few things to watch out for at this summer’s summits...