BRICS summit delivers tangible results(2)

TANGIBLE RESULTS

At the summit, the five BRICS members have achieved a number of tangible results, and agreed to expand their future cooperation to more sectors, according to a statement issued after the meeting.

The most tangible outcomes, among others, is that the leaders have agreed to establish a development bank for mobilizing resources for infrastructure and sustainable development projects in the BRICS, as well as other emerging and the developing nations.

The BRICS leaders believed that the bank serves as a supplement to the existing efforts of multilateral and regional financial institutions for global growth and development, adding that the initial contribution to the bank should be sustainable and sufficient.

Meanwhile, the members also agreed to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA).

The leaders said the idea would help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability.

In the statement, the countries also expressed their common aspiration to improve global economic governing system.

The leaders vowed to reform international financial system to make them more representative and to reflect the "growing weight" of the BRICS and other developing nations, adding that the leadership selection of international financial institutions should be open, transparent and merit-based.

Additionally, the BRICS nations would explore the possibility of strengthening their cooperation between their state-owned firms, and promote the dialogues among the small and medium-sized companies.

They would also consider to expand their cooperation to more sectors including public diplomacy, anti-corruption, drug control, youth exchanges, tourism, energy and sports.

Also in the statement, the leaders of the BRICS countries voiced their opinions on a series of international hotspots including peace in the Middle East, Iranian nuclear issue, and the situation in Syria, Mali, Central African Republic, the Democratic Republic of Congo and Afghanistan.