BRIC summit calls for reform of financial institutions, new world order
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The first summit meeting of BRIC (Brazil, Russia, India and China) leaders concluded Tuesday, with calls for cooperation, financial architecture reform, and a multi-polar world order.
In a joint statement issued after the conclusion of the summit, the leaders called for greater voice and representation of emerging and developing economies in international financial institutions.
"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," the statement said.
Reform of international financial institutions
The four countries are committed to advance the reform of international financial institutions, as to reflect changes in the world economy, the statement 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 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.
Support for cooperation on energy, social areas and science
In the four-page statement, the leaders of BRIC countries voiced support for energy cooperation aimed at ensuring stability, and pledged to advance cooperation in social areas and science and education."We stand for strengthening coordination and cooperation among states in the energy field, including amongst producers and consumers of energy and transit states, in an effort to decrease uncertainty and ensure stability and sustainability," they said.
The four nations also support international cooperation in energy efficiency.
The leaders pledged to enhance cooperation in "socially vital areas" and strengthen efforts "for the provision of international humanitarian assistance and for the reduction of natural disaster risks."
