BRIC summit concludes with calls for greater voice of emerging economies in international financial institutions
The first summit meeting of BRIC (Brazil, Russia, India and China) leaders concluded here Tuesday, with calls for greater voice and representation of emerging and developing economies in international financial institutions, Xinhua reporter.
"The emerging and developing economies must have greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent, and merit-based selection process," said a joint statement issued after the conclusion of the summit.
The four countries are committed to advance the reform of international financial institutions, as to reflect changes in the world economy, it said.
Leaders from Brazil, Russia, India and China discussed the current global economic situation other issues of global development, and prospects for further strengthening collaboration within the BRIC, the statement said.
The leaders stressed the central role played by the G20 summits in dealing with the global financial crisis, called upon all countries and relevant international bodies to act vigorously to implement the decisions adopted at the G20 summit in London in April this year, and promised to cooperate closely among their countries and with other partners to ensure further progress of collective action at the next G20 summit to be held in Pittsburgh in September 2009.
A reformed financial and economic architecture should be based on principles including democratic and transparent decision-making and implementation process at the international financial organizations; solid legal basis; compatibility of activities of effective national regulatory institutions and international standard-setting bodies; and strengthening of risk management and supervisory practices, according to the statement.
The leaders called for efforts to improve the international trade and investment environment, and urged the international community to curb trade protectionism,and push for comprehensive and balanced results of the WTO's Doha Development Agenda.
BRIC, a term coined by Goldman Sachs economist Jim O'Neill in 2003, refers to the four emerging economies of Brazil, Russia, India and China.
BRICs accounted for 42 percent of the world's population, 14.6 percent of global gross domestic product (GDP) and 12.8 percent of the global trade volume in 2008.