BRIC nations vow to reform financial system
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The day-long summit of Brazil, Russia, India and China ended Thursday with the four countries calling for financial system reform.
The leaders of Brazil, Russia, India and China, collectively known as "BRIC," discussed a wide range of issues at the summit in Brasilia, including the global economic and financial situation, reform of the world's financial institutions, climate change and cooperation among the BRIC nations.
"We call for the voting power reform of the World Bank to be fulfilled in the upcoming spring meetings,"the BRIC countries' leaders said in a communique released at the end of the summit.
Reforming these institutions' governance structures requires a substantial shift in voting power in favor of emerging market economies and developing countries -- a shift to adjust their participation in decision making to their relative weight in the world economy, the four leaders said.
In a speech delivered at the summit, Chinese President Hu Jintao said the four nations have broadened the scope and increased the levels of dialogue and cooperation among themselves, producing fruitful results.
"We strive to keep up with the trend toward peace and development and answer the call of our time for cooperation and mutual benefit," he added.
The Chinese leader urged all parties to address imbalances in the global economic governance structure, continue to promote trade liberalization and facilitation, properly handle trade disputes and reject protectionism.
He also called on them to improve the international financial supervisory and regulatory regime, demonstrate a stronger sense of responsibility and morality, and work for balanced global development.
The four countries expect the quota reform of the International Monetary Fund (IMF) to be concluded by the G20 Summit in November this year.
Countries around the world should continue to cooperate with each other to tackle the international financial crisis, promote reform of the international financial system and resist trade protectionism, Brazilian President Luiz Inacio Lula da Silva said.
The BRIC countries should strengthen cooperation within the G20 framework, he added.
Climate change is a serious threat which requires stronger global action, the four leaders said in the communique.
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