Consolidation of G20

During the meeting, the BRIC countries noted the key role that the G20 has played as the focal point in the coordination of international responses to the global crisis

They underlined the great importance of consolidating the G20, saying that the group, now transformed into a leaders' forum, is establishing itself as an effective mechanism for international deliberation and decision on global economic and financial affairs.

"We believe this role should be enhanced and consolidated by improving the internal governance of the G20 and establishing clearer rules and working procedures, moving forward only on those issues on which there is clear consensus," they said.

In addition, they vowed to commit themselves to pursuing these objectives and strengthening the dialogue and cooperation among the four countries.

Although there are some positive signs, it is too early to declare the end of the crisis. The global economy still faces great uncertainty, and significant risks remain to economic and financial stability, they observed.

The BRIC countries called on the G20 countries to continue to implement countercyclical fiscal and monetary policies in a sustainable and internationally-coordinated manner, and take effective measures to guard against potential economic risks while respecting the particular conditions of each country.

(Xinhua News Agency September 5, 2009)