BRICS summit promotes unity among emerging economies

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SME Times News Bureau | 01 Apr, 2013
The fifth BRICS summit has promoted unity among major emerging economies and injected fresh impetus into the cooperation mechanism, Chinese Foreign Minister Wang Yi said Sunday.

President Xi Jinping attended the summit, which brought together leaders of Brazil, Russia, India, China and South Africa, as part of his first overseas trip since assuming the presidency in March.

The meeting in Durban marked the first time that the high-profile annual gathering had come to Africa.

At the summit, President Xi expounded on China's view on the future direction, principles and areas of BRICS cooperation, and called for the establishment of a global development partnership among the five major emerging economies, Wang said.

The Chinese leader looked forward to deepened cooperation among the BRICS countries on an integrated market for trade and investment, financial and monetary affairs, transportation links, and cultural and people-to-people exchanges, the minister said.

These proposals, winning appreciation and positive responses from other BRICS leaders, outlined the direction of future BRICS cooperation from a strategic perspective, Wang said.

The leaders agreed to set up a BRICS development bank, a Contingent Reserve Arrangement(CRA), a business council and a think tank council.

They also reached broad consensus on jointly dealing with major global and regional issues, reforming the international monetary and financial systems, and promoting the cause of the global development.

The next BRICS summit will be held in Brazil in 2014.