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BRICS (Brazil, Russia, India, China and South Africa) Leaders

The BRICS (Brazil, Russia, India, China and South Africa) represent over 40 per cent of the world’s population and the leaders of the five countries discussed ways to enhance intra-BRICS trade and review the situation in the region.

Addressing the 4th BRICS Summit in New Delhi on 29 March 12, Thursday,  India Prime Minister Manmohan Singh said that the grouping has agreed to examine in “greater detail” a proposal to set up a South-South development bank, funded and managed by BRICS and other developing countries.

The Summit has been attended by Brazilian President Dilma Roussef, Chinese president Hu Jintao, South African president Jacob Zuma and Russian president Dmitry Medvedev besides Dr. Singh.

Dr. Singh said “We must avoid political disruptions that create volatilities in global energy markets and affect trade flow… We must ensure policy coordination to revive economic growth.  On UNSC reforms, Dr. Singh suggested that BRICS countries should speak in one voice on issues such as reforms of the international body. He also said in their restricted session, the grouping also discussed the ongoing turmoil in West Asia and agreed to work together for a peaceful resolution of the crisis.

Touching upon the issue of terrorism, Dr. Singh said the countries should enhance cooperation against terrorism and other developing threats such as piracy, particularly emanating from Somalia”.

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BRICS Leaders

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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