Roundup: BRIC nations vow to reform int'l financial system

17:23, April 16, 2010      

Email | Print | Subscribe | Comments | Forum 

The day-long summit of Brazil, Russia, India and China ended Thursday with the four countries calling for financial system reform.

The leaders of Brazil, Russia, India and China, collectively known as "BRIC," discussed a wide range of issues at the summit in Brasilia, including the global economic and financial situation, reform of the world's financial institutions, climate change and cooperation among the BRIC nations.

"We call for the voting power reform of the World Bank to be fulfilled in the upcoming spring meetings,"the BRIC countries' leaders said in a communique released at the end of the summit.

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, the four leaders said.

In a speech delivered at the summit, Chinese President Hu Jintao said the four nations have broadened the scope and increased the levels of dialogue and cooperation among themselves, producing fruitful results.

"We strive to keep up with the trend toward peace and development and answer the call of our time for cooperation and mutual benefit," he added.

The Chinese leader 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.

He 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.

The four countries expect the quota reform of the International Monetary Fund (IMF) to be concluded by the G20 Summit in November this year.

Countries around the world should continue to cooperate with each other to tackle the international financial crisis, promote reform of the international financial system and resist trade protectionism, Brazilian President Luiz Inacio Lula da Silva said.

The BRIC countries should strengthen cooperation within the G20 framework, he added.

Climate change is a serious threat which requires stronger global action, the four leaders said in the communique.

The negotiations in Mexico this year should be more inclusive, transparent, and should result in outcomes that are fair and effective in addressing the challenge of climate change. At the same time, they should reflect the principles of the United Nations Framework Convention on Climate Change, especially the principle of equity and common but differentiated responsibilities, they added.

Lula called on the BRIC countries to strengthen cooperation based on the principle of common but differentiated responsibilities and push for a positive outcome of the UN climate talks in Mexico.

Countries around the world have adopted measures to cope with the international financial crisis, Indian Prime Minister Manmohan Singh said.

Although the global economic environment has improved, the momentum of economic growth remains unstable, he said.

He called for a reform of the international financial system to obtain sustainable economic recovery and balanced growth.

Russian President Dmitry Medvedev called the summit meeting of four major emerging economies in Brasilia "very fruitful" and "productive."

He said that the BRICs are developing their relations in several directions, and reaffirmed that the leaders of the four countries are committed to strengthening those relations even more.

The first BRIC summit was convened in the Russian city of Yekaterinburg last June.

The Chinese president said at the meeting that China would like to host the third summit.

Leaders of the BRIC countries also expressed their condolences to victims of the 7.1-magnitude earthquake in northwest China's Qinghai province.

Source: Xinhua


  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • On Sept. 26, a resident passes by a flower terrace decorated for the coming National Day. (Xinhua/Hang Xingwei)
  • The photo, taken on Sept. 26, shows the SWAT team ready for the joint exercise. (Xinhua/Wangkai)
  • Two metro trains in Shanghai collided Tuesday afternoon, and an identified number of passengers were injured in the accident, the Shanghai-based reported. Equipment failures were believed to have caused the crash on the Line 10 subway, Xinhua quoted local subway operator as saying.
  • An employee at a gold store in Yiwu, located in east China's Zhejiang province, shows gold jewelry on Monday.(Xinhua/Zhang Jiancheng)
  • Tourists ride camels near China's largest desert lake Hongjiannao in Yulin, north China's Shaanx Province, Sept. 24, 2011. Hongjiannao is shrinking as a result of climate change and human activities, and may vanish in a few decades. Its lake area, which measured more than 6,700 hectares in 1996, has shrunk to 4,180 hectares. Its water level is declining by 20-30 centimeters annually and its water PH value has risen to 9.0-9.42 from 7.4-7.8. (Xinhua/Liu Yu)
  • Actors perform royal dance at the Gyeongbok Palace in Seoul, Sept. 27, 2011. A ceremony commemorating the 38th South Korea Sightseeing Day was held in Gyeongbok Palace on Tuesday. (Xinhua/He Lulu)
Hot Forum Discussion