BRICS summit takes concrete step toward enhanced cooperation

08:58, April 15, 2011      

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Leaders of the world's five major emerging economies took a concrete step towards closer trade and economic ties at the just-concluded BRICS summit.

At the previous two summits held in Yekaterinburg and Brasilia respectively, BRIC leaders spoke loud about enhanced cooperation.

Now in Sanya, a famous seaside resort in southern China, they began to translate statements and slogans into actions and detailed roadmaps.

At the first BRICS Economic and Trade Ministers' Meeting on Wednesday, the officials agreed to set up a trade liaison group, a clear sign of their willingness to intensify cooperation in trade and economy.

The liaison group will analyze the current economic cooperation and trade among BRICS members and assess its future trend. That's before it puts forward an institutional framework and specific measures to expand cooperation between the BRICS nations and South-South cooperation with other developing countries.

The consensus, as China's Minister of Commerce Chen Deming said, "indicates a concrete step in institutional building of deepened business cooperation of the BRICS countries."

It also envisages a large possibility that the BRICS nations, which have witnessed robust growth in trade over the past decade, will work together to explore the emerging markets.

Another reason to applaud the Sanya summit was for making pragmatic progress toward enhanced cooperation. The meeting saw the BRICS' state development banks, including the China Development Bank, agree to use their own currencies instead of the U.S. dollar in issuing credit or grants to each other.

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Source: Xinhua
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