Announcing the birth of a new kid on the international bloc, the leaders of Brazil, Russia, India and China at their first summit meeting called for a drastic overhaul of the global financial and political architecture.
The BRICs countries, which accounted for 22 per cent of the world’s economy in 2008, made it plain that they expected emerging and developing economies to have greater voice and representation in international financial institutions.
“We also believe that there is a need for a stable, predictable and more diversified international monetary system,” a joint statement said after the meeting.
Russian President Dimitry Medvedev said world security depended on the continued growth of BRIC nations.
He announced that finance ministers and central bank chiefs of the four countries would meet to discuss global financial
issues and then report their proposals to the heads of governments, who would now meet in Brazil in 2010.
“All decisions should be taken to create a fairer world,” Medvedev said as Chinese President Hu Jintao, Indian Prime Minister Manmohan Singh and Brazilian President Lula da Silva looked on at a joint interaction with the press.
Speaking at the summit, Manmohan Singh said BRICs leaders had agreed on the need to develop an early warning system that could identify the build-up of risks that might threaten global financial stability.
“There was a unanimous view that protectionism or restrictions on the free flow of trade and persons are counterproductive and a pose a particular threat to recovery in the developing world,” Singh stressed.
A joint statement issued after the meeting said that BRICs nations were committed to multilateral diplomacy, with the United Nations playing a central role in dealing with global challenges and threats.
Stopping short of supporting India and Brazil becoming permanent members of the UN Security Council, the statement reiterated the importance of the two countries in international affairs, including a greater role in the United Nations.
“We underline our support for a more democratic and just multi-polar order based on the rule of international law, equality, mutual respect, cooperation, coordinated action and collective decision-making of all states. We reiterate our support for political and diplomatic efforts to peacefully resolve disputes in international relations,” the statement added.