Chinese delegation says BRICS summit a success

Leaders of the five-nation BRICS bloc have reached important consensus in a just-concluded summit in New Delhi, India, the Chinese delegation said Thursday.

"The summit is a success as it has again showcased the cooperative partnership among BRICS countries, delivered a positive message to the world that BRICS is a united grouping aimed at win-win cooperation, and the meeting has successfully advanced cooperation among member countries," said Chinese delegation spokesman Qin Gang.

He said the leaders of Brazil, Russia, India, China and South Africa have reached consensus in four aspects.

First, on global governance. The countries reaffirmed their support for the Group of 20 in strengthening international macroeconomic policy coordination and promoting world economic recovery and growth.

They also called for reforms of the international monetary and financial system and for increasing the voice and representation of emerging economies and developing countries. They see it an urgent need to speed up quota and governance reforms in the International Monetary Fund in order to build up a better institutional framework for world economic growth.

"This shows the efforts BRICS has made to boost confidence in world economic stability and recovery, and to add momentum to global economic governance," said Qin.

Second, on world development issues. All five countries in the bloc have pledged to facilitate the implementation of the UN Millennium Development Goals in the international community, work for a successful conclusion of the Doha Round of trade talks, help developing countries relieve poverty, safeguard energy and food security, and support the hosting of the U.N. Conference on Sustainable Development and the U.N. Conference on Biological Diversity by BRICS countries this year.

Leaders of the five countries also discussed the possible establishment of a new development bank to finance infrastructure projects and sustainable development programs in BRICS countries and other developing countries. They have asked finance ministers of member countries to study the possibility and set up a joint working group to conduct further research.

"It is an important try for BRICS countries to seek prosperity for developing countries and make contributions to world development," said Qin.

Third, the meeting has achieved new progress in deepening practical cooperation among BRICS countries in various fields. It has endorsed an action plan that covers a broad range of areas including finance, trade and economy, agriculture, technology and public health. These cooperation efforts are in the common interests of BRICS peoples and will strengthen the foundation of and become powerful support for the economic and social cooperation among BRICS countries.

Fourth, on hotspot issues. The five countries agreed that nations worldwide should deal with various challenges in accordance with international law and in the spirit of multilateralism.

They believed international hotspot issues should be resolved in line with relevant U.N. resolutions and through peaceful means, while the United Nations should play a focal role in fighting terrorism.

The Chinese side is confident that a higher level of cooperation of the BRICS countries would play a constructive role in promoting world economic growth, improving global governance, and strengthening multilateralism and democracy in international relations, said Qin.

In his speech at the summit, Chinese President Hu Jintao said the BRICS nations, as major emerging economies and part of the developing world, constitute a positive force for preserving world peace and promoting common development.

Hu also put forward a number of suggestions on how the five nations could better cooperate in the future.

In addition to their pledges to further enhance financial cooperation and study the feasibility of setting up a development bank of the bloc, the BRICS countries have reached a financial cooperation agreement and held a number of meetings and seminars on finance and business.

They also agreed to hold meetings of finance ministers and central bank governors.