BRICS leaders agree to establish development bank(2)

The leaders also launched the BRICS Business Council, which will provide business to business linkages within the grouping, while an agreement on the establishment of a BRICS Think-Tanks Council that was signed on March 11 was formally declared.

They also recognized the 5th BRICS Academic Forum and the role of academics in fostering dialogue.

Indian Prime Minister Manmohan Singh urged BRICS nations to promote the forum by allowing academics to share their unique experiences, particularly in the areas of energy, food security, education, health care, sustainable development, information technology and public service.

"Our roadmap of the future should focus on deepening of our existing cooperation."

The foremost challenge facing the BRICS nations was to respond to persistent weaknesses in the global economy, he said.

"Recognizing that BRICS countries will remain key drivers to global economic growth, we should further sustain our growth by harnessing opportunities and investment ties between ourselves," he said, adding that they should exploit their complementarities for their mutual benefit taking into consideration their unique resources and strengths.

Singh also highlighted the challenges of terrorism and piracy and said that it was incumbent upon the nations to use their collective voice and capacity to make an effective and meaningful contribution to these challenges and foster global peace and security.

Russian President Vladmir Putin said he hoped that BRICS nations would continue working on a professional level and called for the strengthening of technological and industrial markets while special attention should be given to expanding business ties.

He also encouraged the promotion of the green economy for sustainable development: "We will need to implement the highest environmental standards."

China's President Xi Jinping said the leaders of the five BRICS countries were full of confidence in the potential of the grouping saying that the countries shared broad common interests and that the establishment of the development bank would unlock the potential for BRICS cooperation.

He called for greater balance to the global economy and greater democracy in international relations, pledged China's continued readiness to play a part in forging ahead BRICS ties and added that China had already established strategic partnerships with others.

Besides the summit proper, BRICS nations also signed bilateral agreements among themselves as they sought to cement relations within the context of the transcontinental grouping.

Addressing a plenary session earlier in the morning, Zuma said it was appropriate that the leaders celebrate BRICS achievements, including its further contributions to the strengthening of the global agenda to ensure a more equitable and prosperous world.

"The BRICS Forum offers member states the opportunity of amplifying voices for political, financial, economic and social interests around common goals and development agenda based on shared values."

He said there was need to forge a paradigm shift in global relations and cooperation.

"BRICS countries continue to power, stabilize and support the global economy. We, however, should remain vigilant to underlying weaknesses and risks in the global economy."

He said BRICS countries would continue to consider crisis situations in the world and would coordinate closely as they sought to achieve global peace and security in line with the United Nations Charter.

The shared vision of integration and industrialization would remain at the core of BRICS cooperation, he said.

There was need for emerging countries to enjoy the fruits of their resource endowments by shifting from primary to industrial development and thus beneficiate their goods.

Shifting to his country, he said South Africa was keen to learn from the experiences of others and wanted to upgrade about 3.2 million youths into formal employment while enhancing skills development.

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