BRICS nations seek common stance, shared prosperity

10:47, April 15, 2011      

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A decade after Goldman Sachs economist Jim O'Neil coined the term BRIC, it has gone beyond an economic theory and evolved into a platform for pragmatic cooperation.

O'Neil created the acronym to draw attention to four fast-growing emerging economies -- Brazil, Russia, India and China. Now, the bloc, expanded with new member South Africa, is using the idea to forge tighter links and get their voices heard.

On Thursday, global attention was glued to south China's beach side resort of Sanya, where leaders from the five BRICS nations gathered to coordinate views on global financial reforms, commodity prices and other shared concerns.

The one-day BRICS summit, under the theme of "Broad Vision, Shared Prosperity", was chaired by Chinese President Hu Jintao and attended by Brazilian President Dilma Rousseff, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and South African President Jacob Zuma.

China's Assistant Foreign Minister Wu Hailong told reporters after the summit that the meeting has helped coalesce views of the BRICS leaders on major issues and bring closer the relations of BRICS countries.

The Sanya Declaration, issued after the summit, outlined the countries' future cooperation and their decision to deepen exchanges and cooperation in fields such as finance, industry and commerce, science, technology and energy, Wu said.

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Source: Xinhua
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