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BRICS countries to strengthen pragmatic cooperation

By Shi Jianxun (People's Daily Overseas Edition)

08:19, March 30, 2012

Edited and translated by People's Daily Online

The fourth BRICS summit, to be attended by the leaders of Brazil, Russia, India, China, and South Africa, will be held in New Delhi, the capital of India, from March 28 to March 29 under the theme of “BRICS Partnership for Global Stability, Security and Prosperity.” The five countries expect to enhance cooperation in various fields, particularly in global governance reforms and sustainable development.

First, BRICS countries will further enhance economic and trade cooperation to ensure sustainable global economic growth. The five countries, which have led the world out of economic recession, will continue to build up mutual trust, expand and deepen economic and trade cooperation, enhance comprehensive cooperation in multiple fields, improve the quality of economic growth at the current pace of development, and promote comprehensive, balanced, and sustainable development. This is of great significance to the steady recovery and sustainable development of the world economy.

Second, BRICS countries will further enhance currency cooperation to establish a more diversified international monetary system. Their currency swap deals are well underway, and they are actively exploring the feasibility of establishing a multilateral development bank. The five countries plan to build a multi-level monetary cooperation system through more bilateral or multilateral currency swap deals, mutual loans, and an investment cooperation fund. Within the framework of financial cooperation, they can promote local currency settlement and expand bilateral or multilateral currency swap deals to facilitate trade and investment and promote internal financial and investment cooperation.

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