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BRIC nations call for swift financial reform
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The world's leading emerging powers, Brazil, Russia, India and China, known as the BRIC nations, are urging the swift reform of international financial institutions to give developing countries a greater voice. The leaders of the BRIC countries made the call in their second summit in Brasilia, the capital of Brazil. They have also reiterated their call for the G-20 group to play a central role in global decision-making.
The increasingly influential BRIC countries will push for more say in global financial institutions at this month's G20 finance ministers and IMF meetings in Washington.
The topics discussed during the summit also include climate change and cooperation within the BRIC countries.
Chinese President Hu Jintao says the summit has been very productive. He's promised further cooperation in more fields.
Hu Jintao, Chinese President, said, "Today's meeting was productive and constructive. Our four countries are going to increase exchanges and cooperation in fields like trade, finance, technology and culture. We are also increasing communication and coordination on important regional and international issues. We will further expand practical cooperation to bring real benefits to our countries and their people."
Brazil says the BRIC nations have an essential role to play in restoring the new global international order.
Luiz Inacio Lula Da Silva, Brazilian President, said, "Brazil, Russia, India and China have a fundamental role to play in the construction of the new international order which is more fair, representative and secure."
India says the greatest challenge for the BRIC countries will be to promote a more inclusive global economy.
Manmohan Singh, Idian Prime Minister, said, "The global economic and financial crisis has permitted a new relevance for the BRIC. Sustaining global economic recovery and making it inclusive would be the major challenges before us in the near future."
The four leaders are looking to strengthen trade ties within the BRIC countries and are calling for a bigger role in the global economic order. Before the summit, China said closer cooperation and exchanges among the four nations will be conducive to increasing the influence of emerging and developing countries.
