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BRICS nations to deepen ties

By Wei Tian (China Daily)

08:46, December 05, 2012

Five countries are also expected to speed up development bank launch

BRICS countries should intensify trade ties and speed up cooperation on setting up the BRICS Development Bank, as they become a main driver of the global economy in 2013, officials and experts said.

Zhu Guangyao, vice-minister of finance, said he expected the idea of establishing the BRICS Development Bank, currently under a feasibility study, to be accelerated with initial findings expected at the summit of BRICS countries' leaders in Durban, South Africa, in March next year.

He said this will be part of efforts to intensify economic cooperation among Brazil, Russia, India, China and South Africa in trade, trade financing and infrastructure construction.

"The global economy still faces uncertainties in 2013 ... and there will be less participation by European banks in global trade amid the ongoing debt woes," he said, adding that BRICS nations should have a bigger say in global economic and financial affairs.

India first suggested forming a BRICS Development Bank in February this year, financed by developing countries, and acting as an alternative to the World Bank and International Monetary Fund.

Speaking at a forum organized by Economic Daily on Tuesday, Zhu said: "Underdeveloped infrastructure is still a bottleneck for economic development in some emerging economies, and needs massive credit support.

"We hope the establishment of the BRICS Development Bank will help better support these projects."

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