Prime Minister Manmohan Singh, Russian President Dmitry Medvedev, Chinese President Hu Jintao, Brazilian President Dilma Rousseff and South African President Jacob Zuma at BRICS summit meeting in Sanya, China
5 emerging economies of the world-Brazil, Russia, India, China and South Africa (BRICS) drew up an action plan to make the voice of developing countries more effective on the world arena. This followed a concurrence of views on almost all issues of international importance, including political, economic, climate change, terrorism and reforms of the United Nations and international financial institutions.
The plan schedules a string of high-level meetings on almost all issues — security, political and economic — to enable the five countries better coordinate their positions. They would initiate the plan with a meeting of National Security Advisers later this year in China.
India, Brazil and South Africa drew comfort from Russia and China “endorsing” their candidature for the United Nations Security Council (UNSC) in the Sanya Declaration though Indian officials later sounded a cautionary footnote.
With much media speculation on a change in the basket of currencies forming the Special Drawing Rights, the possibility of Yuan as a world currency and the decision to trade in local currencies, officials were quick to point out that there was “no desire” to diminish the importance of the dollar.
The next BRICS summit will host by India next year.
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