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BRICS Nations Inch Toward Development Bank

Heads of State of BRICS nations in New Delhi, India, March 29, 2012.
Heads of State of BRICS nations in New Delhi, India, March 29, 2012.
Kurt Achin

Key facts about BRICS:

  • BRICS is the world's five largest emerging economies - Brazil, Russia, India, China and South Africa.
  • BRICS accounts for 42 percent of the global population.
  • BRICS accounted for 20 percent of global GDP in 2010.
  • Intra-BRICS trade is $230 billion.
  • This is the fourth BRICS summit. The first was held in 2009.

Leaders from some of the world's largest developing economies -- Brazil, Russia, India, China, and South Africa, the so-called BRICS -- called Thursday for a more representative international financial structure.

Wrapping up a summit Thursday in New Delhi, the five-nation bloc proposed the formation of a shared development bank. The "BRICS bank” would help shield the developing world from financial crises emanating from richer nations.

"It will support our priority infrastructure projects as well as trade and investment opportunities with our BRICS partners," said South African President Jacob Zuma, explaining that African leaders welcome the proposal. "Such a bank has great potential to help us create good jobs in developing countries."

Indian Prime Minister Manmohan Singh, who hosted the summit, said the countries are moving closer to a key step in promoting mutual investment.

"We have agreed to examine in greater detail a proposal to set up a BRICS-led South-South development bank funded and managed by the BRICS and other developing countries," he said.

A quarter of world trade

BRICS nations have nearly half the world's population and account for more than a quarter of world trade.

Export-import banks from the five nations signed a separate deal Thursday making it easier for the countries to trade with each other in their own local currencies.

Russian President Dmitry Medvedev said the BRICS nations will play a key role in reforming global governance in coming years.

"The world financial system is outdated and needs to be reformed," he said. "It does not take into account the significant role played by BRICS countries."

BRICS leaders spoke in one voice on Syria Thursday, saying the crisis there should be resolved through “broad national dialogues” and with respect for the country's independence and sovereignty.

On Iran, the group said it recognizes Teheran's right to peaceful use of nuclear energy and warned “disastrous consequences” would result if the dispute about alleged nuclear weapons programs escalates into violence.

The one-day summit here in the Indian capital took place under extraordinary security, following the self-immolation protest of a Tibetan exile earlier in the week. The protester died of his burns Wednesday

Indian police have taken dozens of Tibetan exiles into protective custody in the city, declared many areas off limits, and set up numerous checkpoints along roads near the summit venues.

One small group of Tibetan exiles did manage briefly to unfurl a Tibetan flag Thursday near the hotel where Chinese President Hu Jintao is staying. They were arrested.

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Comment Sorting
Comments
     
by: bruce
April 02, 2012 12:46 AM
the diversifying of international community is unstoppable

by: Romildo Caldas
March 29, 2012 3:59 PM
This BRIC Summit is a Powerful Start which prompts other Strong and Positive Events. I am sure Brasilian President DILMA, stated something Important in this Summit;; What a pity! Her Words were not Registered in this Coverage.

by: aussie
March 29, 2012 1:04 PM
I wonder if america really can kick a contry out of WTO if he's all ready signed the contract. that would be fantastic if US can.

by: Eric siverson
March 29, 2012 11:05 AM
No other people should have a chance too, With the world population exploding , I don't think we should bring them all here . We are going to need all the help we can get , just feeding the people . . It is the United States money policy that is forcing evrey sane person to look for alternatives . The Brics do not think they run the world , but they are better able to balance their budgets and pay their debts than we are . inspite of the fact that we have more than twice the income .

by: Kesebone
March 29, 2012 10:28 AM
BRICS is like a breath of fresh air.The world has had enough of the leadership of mindless bombers like the US.The US need to take a backseat and give peace and dialogue a chance.The world needs people with clear minds and not the US leadership with its gun powder brains.

by: Godwin
March 29, 2012 9:23 AM
Righteousness exalts a nation but sin is a reproach... says the holy book. BRICS is an organization whose main objective is to drop USA and its Western allies from the heights. Maybe the anti-Christ has pitched a tent with China, growing its horns in Brazil and tail in South Africa, under the shadow of darkness created by the US rejection of the creator in preference for the created. And so God gives them up to do the reprobate things that now find home in USA

by: William
March 29, 2012 7:44 AM
The brics think they run the world now and are only doing this to put down the influence of the united states and its allies, I say we kick them out of the WTO for trying to go behind our backs and we start a second industrial revolution in the U.S. and we secure the sea lanes that are rightly ours and give no passage to bric vessels.

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