By Stephanie Ho
The five BRICS nations have voiced their opposition to use of force in Libya, at a summit in the southern Chinese resort city, Sanya. Meanwhile, leaders from the five large developing nations criticized the current dollar-dominated world monetary order and called for a broad-based international reserve currency system.
Leaders of the BRICS countries, five of the world’s major emerging powers, issued a joint declaration Thursday urging a peaceful resolution to the crisis in Libya.
Chinese President Hu Jintao, who chaired the meeting, told summit participants of his country’s concerns.
Hu says recent months have seen political riots and even a war in North African countries, negatively affecting regional stability.
Four members of the BRICS group – Brazil, Russia, India and China – abstained on the vote on the United Nations Security Council resolution that authorized international enforcement of a no-fly zone over Libya.
South Africa, which is joining the BRICS meeting for the first time, voted in favor of the U.N. resolution, but joined in Thursday’s criticism of the Western-led air campaign in Libya.
Another major issue was the BRICS countries’ common goal of achieving a greater say in international institutions.
President Hu says the leaders agreed that the rise of new power centers around the world is affecting the global economy.
Hu says the changes in the world economy are complicated and that increased international dialogue will be needed to reform and perfect global economic governance.
The BRICS counties are calling for a broad-based international reserve currency system, which the declaration says would provide stability and certainty.
Under the current global monetary order, the U.S. dollar is the leading reserve currency.
The leaders also welcomed discussions about the global role of the International Monetary Fund’s in-house accounting unit, known as a Special Drawing Right. Some analysts have said they believe the SDR could become a partial substitute for the dollar.
The leaders also called for comprehensive reform of the United Nations and its Security Council. Their declaration said the council should be more effective, efficient and representative.
The five BRICS countries make up nearly a fifth of the world’s gross domestic product and include two of the most populous countries in the world. The leaders agreed to hold their fourth summit next year, in India. Russia and Brazil already have hosted past meetings.