BRIC signs pact to facilitate cooperation between development banks
By ANIFriday, April 16, 2010
BRASILIA - Brazil’s President Luiz Inacio Lula da Silva, Russian President Dmitry Medvedev, Indian Prime Minister Manmohan Singh and Chinese President Hu Jintao on Thursday witnessed the signing of a pact that will facilitate cooperation between development banks of the four countries.
Brazilian National Development Bank President Luciano Coutinho signed a memorandum of cooperation with his other three counterparts from Russia, India and China.
The agreement seeks to establish mechanisms to enhance trade and economic relations between BRIC countries.It also includes the possibility of co-financing projects of common interest in areas such as infrastructure, energy, industry, high technology and export.
At the end of the summit, BRIC leaders signed a joint declaration outlining their common vision on global issues, including:
The need for reform in the United Nations to make the institution more efficient and representative, in order to better address global challenges.
The need to join economic efforts and adopt sustainable fiscal policies to ensure a full recovery from the global financial crisis and long-term economic growth.
“We are confident that the unity we achieved here will contribute to the construction of a space for dialogue and consultation. Brazil, Russia, India and China have a key role to play in the establishment of a new international order that is more representative, fairer and safer,” said Brazilian President Lula.
Chinese President Hu Jintao said the meeting was fruitful,and added that the debate not only reflects the collective interests of the group, but of all countries of the world.
China will host the third BRIC summit at a date yet to be defined.
Russia intends to deepen the dialogue on tackling global challenges such as terrorism and organized crime.
“The BRIC format allows us complete action,” said Russian President Dmitry Medvedev.
Prime Minister Manmohan Singh reaffirmed the need for continued cooperation, reiterating that the four countries can make considerable contribution to global prosperity.
“The global financial crisis has given new relevance to the BRIC countries,” he added.
In the period from 2003 to 2007, the BRIC countries accounted for 65 percent of the world’s GDP growth. In 2009, the GDP of BRIC countries (by purchasing power parity) reached 16.3 trillion USD, corresponding to 23.4 percent of the global economy. In the period 2003-2008, there was an increase of 382 percent in the volume of trade between Brazil and the other BRIC countries from 10.7 billion USD in 2003 to 51.7 billion USD in 2008.
The summit was originally scheduled for Friday (April 16), but was advanced by a day in order to accommodate President Hu Jintao’s decision to shorten his trip to return hom to take control of the decision-making process for the earthquake that hit his country earlier this week. By Ravinder Singh Robin (ANI)
