Delhi at the BRICS grouping today. These nations comprise nearly half
the world's population and a growing share of global GDP.
Here are the ten key outcomes of the Fourth BRICS Summit today:
1) Declaration after the summit cautions the West against allowing the
Iranian situation to escalate into conflict. It backs dialogue to
resolve the Iranian nuclear impasse. The declaration said the crisis
over Iran's nuclear programme should be resolved diplomatically and
should not be allowed to escalate. It also recognised the right of
Iran to pursue peaceful nuclear energy. "We agreed that lasting
solution to the problems in Syria and Iran can only be found through
dialogue," Indian Prime Minister Manmohan Singh said.
2) The declaration also backs a Syria-led democratic transition. BRICS
voices "deep concern" over Syria and calls for "an immediate end to
all violence and violations of human rights" and backs a Syrian-led
political process.
3) Leaders agree to explore the setting up of a BRICS-led South-South
Development Bank in the mold of the World Bank. It will promote mutual
investment and will help fund infrastructure and act as alternative
lender to the World Bank and other finance bodies
4) The BRICS leaders also accused rich countries of destabilising the
world economy five years into the global financial crisis. "It is
critical for advanced economies to adopt responsible macroeconomic and
financial policies, avoid creating excessive global liquidity and
undertake structural reforms to lift growth that create jobs," they
said in a joint declaration.
5) IMF quota reforms: Pitch for greater representation of developing
countries and emerging economies in the IMF by speeding up quota
reforms. Promised changes to voting rights at the IMF have yet to be
ratified by the United States, adding to frustration over reform of
the G7 and the U.N. Security Council, where India and Brazil have been
angling for years for permanent seats
6) Countries back a "merit-based selection-process" for the heads of
the IMF and the World Bank, posts reserved customarily for a European
and an American respectively.
7) BRICS leaders pitch for reform of global governance institutions,
including the UN, the International Monetary Fund (IMF) and the World
Bank.
8) The five BRICS nations, which collectively account for nearly half
the world's population and a fifth of its economic output, signed an
agreement to extend credit facilities in their local currencies, a
step aimed at reducing the role of the dollar in trade between them.
9) Adopted an all-encompassing action plan that includes, among other
things, meetings of foreign ministers on sidelines of the UN and
meetings of Finance Ministers and Central Bank Governors on sidelines
of G20 meetings/other multilateral meetings.
10) Other moves to bring their economies closer together include the
launch on Friday of benchmark equity index derivatives allowing
investors in one BRICS country to bet on the performance of stock
markets in the other four members without currency risk. The indexes
will be cross-listed on their stock exchanges from Friday.
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