BRICs speak louder about cooperation

20:59, April 16, 2010      

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Compared with their first summit in Russia last year, leaders of BRIC countries (Brazil, Russia, India, China) spoke louder about promoting cooperation within the four countries at their second meeting held here on Thursday.


When Chinese President Hu Jintao, Brazilian President Luiz Inacio Lula da Silva, Russian President Dmitry Medvedev, and Indian Prime Minister Manmohan Singh met in Yekaterinburg, Russia last June at their first summit, a rampant global financial crisis was wreaking havoc on the world economy.

One year later, the world economy has revealed signs of recovery and been hopeful of stepping out of the shadows of the crisis thanks to the joint efforts of the international community including the BRICs.

Over the past year, leaders of the four countries have convened and exchanged views on a series of multilateral and bilateral occasions through which consensus have been increased, strategic mutual trust been strengthened, cooperation been expanded, and exchanges been enriched.

So far, the concept of BRIC countries has been widely adopted. Dialogue and cooperation between the four countries has become routinized and substantialized.

Foreign ministers of the four emerging powers met on different occasions. Their senior representatives on security issues met last May and this April to exchange views on the international situation and cooperation within the four nations. Finance ministers of the four countries have met five times to discuss global economic and financial affairs.

In total, the four BRIC nations produce 14.6 percent of the world's gross domestic product, and take up 12.8 percent of the global trade volume. Their contribution to the world's economic growth amounts to 50 percent in terms of purchasing power parity.

Since the first BRIC summit was held in Yekaterinburg, the four countries have become prominent driving forces behind the global economic warm-up.


The new international situation has nurtured new calls and proposals.

In a communique released at the end of the summit, the leaders of Brazil, Russia, India, and China called for an urgent reform of the world financial system.

The International Monetary Fund (IMF) and the World Bank urgently need to "address their legitimacy deficits," the communique said.

Reforming these institutions' governance structures requires a substantial shift in voting power in favor of emerging market economies and developing countries -- a shift to adjust their participation in decision making to their relative weight in the world economy, it added.

BRIC countries expect the quota reform of the IMF to be concluded by the G20 Summit in November this year.

Emerging market economies and developing countries have the potential to play an even larger and active role as engines of economic growth and prosperity, while at the same time commit to work together with other countries toward reducing imbalances in global economic development and fostering social inclusion, the leaders said.

The communique said the group called on world governments to resist trade protectionism in all forms.

Meanwhile, they stressed the need to maintain the stability of the world's reserve currencies.

"We underline the importance of maintaining relative stability of major reserve currencies and sustainability of fiscal policies in order to achieve a strong, long-term balanced economic growth," the leaders said.

At the Brasilia summit, the four leaders agreed that G20 played a core role while dealing with the international financial crisis and hailed the takeover by G20 to become the world's main plaform for international economic coordination and cooperation.


As a new global economic governance mechanism has not taken shape and a global recovery is still weak, the BRICs face both opportunities and severe challenges.

The consensus reached at the Brasilia summit will inject new impetus into their further cooperation.

"BRIC cooperation now faces both valuable opportunities and severe challenges. We should set clear objectives for cooperation among the four countries and advance the BRIC cooperation process from a strategic height," Chinese President Hu said.

He urged all parties to address imbalances in the global economic governance structure, continue to promote trade liberalization and facilitation, properly handle trade disputes and reject protectionism.

Hu also called on them to improve the international financial supervisory and regulatory regime, demonstrate a stronger sense of responsibility and morality, and work for balanced global development.

To maintain and promote dialogue and cooperation among the BRIC nations, China would like to host the third BRIC summit, Hu said.

Leaders of the four nations said: "We believe the deepened and broadened dialogue and cooperation of the BRIC countries is conducive not only to serving common interests of emerging market economies and developing countries, but also to building a harmonious world of lasting peace and common prosperity."

"We have agreed upon steps to promote dialogue and cooperation among our countries in an incremental, proactive, pragmatic, open and transparent way," they said in the communique.

"This is a good platform for common decisions and approaches, and for designing strategies in the common interests of the nations," Svetlana Glinkina, deputy director of the Economics Institute at the Russian Academy of Sciences, said at a conference in Rio de Janeiro.

A researcher from Brazil's Institute of Applied Economic Research (Ipea) said this summit which was held against the backdrop of a comparatively stable world economic and fiscal situation will undoubtedly advance exchanges and cooperation within the four nations and highly promote their voice and clout in the international arena.

Source: Xinhua


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