Chinese President Hu Jintao and other leaders of the BRIC countries, namely Brazil, Russia, India and China, met in Yekaterinburg in central Russia Tuesday to discuss the global financial crisis and economic issues.
This is the first formal meeting of the BRIC leaders.
At the meeting, the leaders of the emerging economies will discuss issues including the current economic slowdown, restructuring of the financial system, energy security, climate change and trade, sources close to the meeting said.
"We expect the BRIC meeting to expand strategic consensus, consolidate mutual trust, coordinate to cope with the global financial and economic crisis and lay out the blueprint for its future development," said Chinese Vice Foreign Minister He Yafei last Tuesday.
Speaking at a meeting of BRIC senior representatives on security issues on May 29, Chinese State Councilor Dai Bingguo said the BRIC countries should work together to enlarge their consensus, exchange views on major international and regional issues of common concern, strengthen coordination and cooperation, and facilitate the settlement of problems.
At present, Dai said, the countries should reinforce their cooperation in dealing with the economic downturn, enhance coordination on macro-economic policies, jointly oppose protectionism in any form, speed up the reform of the international financial system, and advance the creation of an international cooperation mechanism conforming to globalization and multipolarization.
The BRIC countries are all important emerging nations and driving forces for the world's common development. They share the same or similar opinions on many international issues and all have the political desire for further cooperation and communication.
In recent years, the four countries have exchanged views on world economic and developing issues of common concern through various channels.
The BRIC countries account for 42 percent of the world's population, 14.6 percent of global Gross Domestic Product (GDP) and 12.8 percent of the global trade volume in 2008.