'BRICS summit gives bigger say to emerging economies'

11:23, April 18, 2011      

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The latest BRICS summit held in south China increased the voices of emerging economies on the world economic and financial order, some foreign media reported.

The one-day summit, which was attended by leaders of BRICS grouping the major emerging economies of Brazil, Russia, India, China and South Africa, took place in the southern Chinese city of Sanya Thursday.

The summit boosted cooperation in various fields among the bloc and renewed calls for reforming the global monetary and financial system.

The Associated Press said the leaders of the world's largest emerging economies gathered for what could be a watershed moment in their quest for a bigger say in the global financial architecture.

"Though largely an ad-hoc grouping at present, the BRICS have the potential to emerge as a new force in world affairs on the back of their massive share of global population and economic growth," it said.

"With the inclusion of South Africa, the group accounts for 40 percent of the world's people, 18 percent of global trade and about 45 percent of current growth, giving them formidable heft when dealing with the developed economies," it added.

The Wall Street Journal said in an article that BRICS used their third summit to "call for a restructuring of the World War II-era global financial system and an eventual end to the long reign of the U.S. dollar as the world's reserve currency."

"The BRICS economies together are worth about 12 trillion U.S. dollars, compared with 15 trillion dollars for the U.S. economy. By 2020, their economies should pass that of the United States,"the article said quoting economists.

"With these emerging economies now seen as the engine for global growth, their leaders are demanding a greater voice on the world stage," it added.

French newspaper Le Monde said the five BRICS members were trying to show common stances on curbing the rocketing raw material prices, promoting the world's multi-polarization process and boosting the reforming of the international monetary mechanism.

Brazilian newspaper Folha de Sao Paulo, in an article on its website, said the joint note struck by the BRICS summit on the current Libyan crisis showed that BRICS no longer merely played as a major economic bloc, but was striving for a bigger say in the world political arena.

Russian newspaper Rossiiskiye Vesti said the status of currencies of developing countries in the global monetary system should be promoted.

It also said the global financial crisis proved the monetary system based on the U.S. dollar no longer fully matched the latest developments of the world economy and the world should establish an international currency reserve system to ensure the world market's stability and confidence.

Source: Xinhua
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