First BRIC Summit to discuss major issues -- People's Daily Online
First BRIC Summit to discuss major issues

09:05, June 15, 2009

Dollar and future of BRIC may dominate summit
Since the outbreak of the global financial crisis, the confidence and role of the U.S. dollar have been further impaired. In current crisis, the situation looks better in the BRIC countries and their role has inclined to leap in the global economy.

BRIC dialogue and cooperation to promote international economic recovery
Dialogue and cooperation among the BRIC will not only benefit their own development, but also help the world economy overcome the financial crisis.
Emerging economies claim bigger global influence than some G8 members: Brazilian FM
Brazilian Foreign Minister Celso Amorim, who will attend the first summit of BRIC countries, said that "the G8 is dead."

BRIC: 14.6 percent of global GDP, 12.8 percent of the global trade volume
Brazil: GDP ranking 10th, forex reserve ranking 7th
Russia: GDP ranking 8th, forex reserve ranking 3rd
India: GDP ranking 12th, forex reserve ranking 4th
China: GDP ranking 3rd, forex reserve ranking 1st

· FM: BRIC cooperation to enhance voice of developing nations

The BRIC shares common interests and concerns in international affairs and should consolidate cooperation.

· BRIC countries demand more say in financial system reform

The BRIC statement welcomed a decision to broaden the membership of the Financial Stability Forum (FSF).

· "BRICs" expected to drive 70% of global growth

The economic growth rate of developing countries will continue to slide in 2009. However, emerging countries, especially the BRICs, will maintain relatively high growth rates.

· IMF: China, India, Brazil have roles to play as new donors to Africa
· World Bank: cautiously optimistic about G20 follow-up
· Experts: hard task of increasing voice for developing economies
· China expects consensus on financial system reform at BRIC Summit

"We expect the BRIC summit will 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."

· BRIC cooperation beneficial to regional, world peace: Chinese FM

Cooperation among the four nations is "in the interest of promoting peace, stability and development in relevant regions and in the world".

· BRIC countries can first emerge from financial crisis: Russian deputy PM

It is reasonable to believe that the BRIC countries are capable of emerging from the ongoing global financial crisis first, given their current economic growth at a rapid rate, said Russian Deputy Prime Minister Sergei Invanov.

· Brazil expects more coordination with other BRIC countries

The fundamental element is to start an integration mechanism among BRIC, which would eventuate in a timetable for future coordination, said an offical at the Brazil Foreign Ministry.

· India urged to play a new role

The Indian government is progressively pushing forward the reform on international financial system, hoping to play a vital role in the process.

· "Bric" leaders vow to boost coordination, role in int'l affairs

Enhanced dialogue and cooperation between the four nations are conducive to safeguarding world peace and promoting common development, and in the common interest of the international community, said Chinese President Hu.

· Brazilian President's visit to China bears fruit on economic co-op

China and Brazil will further promote the diversified trade and bilateral economic and trade cooperation, said the joint communique issued by the two countries on May 19 during Brazil President Lula da Silva's visit to China.

· China, Russia make major breakthrough in energy co-op

The oil cooperation agreement between China and Russia will establish a comprehensive, long-term and steady basis for further cooperation in this field, said Chinese Vice Premier Wang Qishan.

· Sino-India trade a new "bright spot"

China's trade with India, its 10th trade partner, reached 51.78 billion US dollars in 2008, up 34 percent year-on-year, helping to pluck up the confidence of the Asia-Pacific region as a whole to cope with the assault of global financial storm.

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