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BRICS to work together more on financial plans

By Wu Jiao and Fu Jing (China Daily)

08:05, March 30, 2012

President Hu Jintao joins other leaders of the BRICS group for photos at the start of their summit in New Delhi, India, on Thursday.(Xinhua Photo)

President pledges greater unity as bank plan under consideration

President Hu Jintao on Thursday pledged that the BRICS group would "step up cooperation among fiscal and financial authorities", as the bloc signed key agreements on currency settlements and credit.

The leaders also decided at the New Delhi summit to examine the possibility of setting up a development bank for the bloc and other developing countries.

The development banks of Brazil, Russia, India, China and South Africa, signed a "Master Agreement In Extending Credit Facility" in local currencies and the "BRICS Multilateral Letter Of Credit Confirmation Facility Agreement".

The agreements are intended to reduce the demand for fully convertible currencies for transactions among the BRICS.

This will help reduce transaction costs for intra-BRICS trade.

The Delhi Declaration issued after the summit on Thursday also said that the leaders have considered the possibility of setting up a new development bank.

The bank will supplement the existing efforts of multilateral and regional financial institutions for global growth and development, the declaration said.

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