By Svetlana Andreyeva
BRICS summit ended in New Delhi on March 29. The leaders of Brazil, China, India, Russia and South Africa exchanged opinions on the current economic situation, on ways of reforming institutions of global management, as well as global stability and security.
Russia’s President Dmitry Medvedev stated that BRICS nations are now ready to adopt common foreign policy to strengthen their positions on the international arena. The leaders also signed a package of crucial documents paving the way for a reliable system of international reserve currencies. Dmitry Medvedev touched upon this issue in his speech.
“We have confirmed the previously reached agreements on cooperation in the field of modernization of the international monetary system, primarily the IMF. We analyzed the current economic situation and agreed on cooperating through the existing mechanisms, namely the G20 summit.”
The nations also discussed a possible establishment of the new Bank for Development aimed at consolidating resources for infrastructure and development projects.
Burning political issues were also on the summit’s agenda. The leaders expressed their concerns with regard to ongoing unrest in Syria and urged to put an immediate end to the violence and human rights violations in the country.
The heads of BRICS countries talked about the Iranian nuclear problem, Afghanistan and the Middle East.
Medvedev hailed the economic and political importance of the organization and said that its every summit contributes to extensive multilateral cooperation among its members that now covers their internal and external policies.
Next summit will be held in South Africa. The country’s President Jacob Zuma stated that it will be a matter of pride and honor for his country to host the event.
The summit’s participants reviewed a report on the economic development of BRICS countries: Brazil, Russia, India, China and South Africa.
In June, the members will present their common economic stance at the G20 summit in Mexico that will be dealing with reforms of the IMF and BRICS the contribution made by BRICS countries to the IMF.