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Brics leaders meet on the sidelines of G20

19th June 2012

By: SA News

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The leaders of Brics nations (Brazil, Russia, India, China and South Africa) who met on Monday have agreed to boost cooperation within the group of five major emerging economies.

The meeting, which was held on the sidelines of the G20 summit, currently underway in Mexico, was attended by President Jacob Zuma, Chinese President Hu Jintao, Brazilian President Dilma Rousseff, Russian President Vladimir Putin and Indian Prime Minister Manmohan Singh.

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According to Brics, the G20 conference should focus on coordinating macro-economic policies, reinforcing the international community's confidence in the global economic recovery and demonstrating the group's spirit of cooperative partnership in jointly addressing major risks and challenges in global economy and financing.

In addition, they called on the G20 summit to adopt a development-oriented perspective, pay due attention to the opinions of emerging economies and developing countries, and guarantee their rights of and space for development.

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While discussing the issue of boosting funds for the International Monetary Fund (IMF), they emphasized that the G20 members have to take global economic stability and growth into account and encourage and support euro-zone nations to adopt due measures to lift market confidence.

The BRICS leaders agreed that ensuring sufficient resources for the IMF is conducive to the international community's efforts to tackle the current major challenges in global economy and financing.

The Brics nations are ready to help, they said, while stressing that the IMF should implement the 2010 reform plan on its quotas and governance in a comprehensive and timely manner.

The leaders also discussed the possibility of setting up a currency swap arrangement and a foreign exchange reserve pool within the five-member framework.

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