The BRIC summit in Russia and its Contributions

For those who are fully identified with the management of markets, the behavior of these on the national scene, can not ignore what it has meant a new BRIC summit as Russia held about 1,400 kilometers east of Moscow in the Russian city of Yekaterinburg , where Russian President Dmitry Medvedev, said that the first summit of the emerging powers-Brazil, Russia, India and China (BRIC), should allow the emergence of a "more just world order" As yahoo news shows. com, participated in the meeting the Russian president, his Brazilian counterpart, Luiz Inacio Lula da Silva and Chinese President Hu Jintao and Indian Prime Minister Manmohan Singh. The leaders of four major emerging economies in particular demand a reorganization of the international financial system to give more importance to developing countries and other reserve currencies besides the dollar. The Russian president, who was limited to a simple statement and answered questions from reporters, called the meeting "historic event". Summit ended with a call for emerging economies and developing countries have a greater voice and representation in international financial institutions. BRIC, a term coined by economist Jim O'Neill of Goldman Sachs in 2003 refers to the four emerging economies of Brazil, Russia, India and China.

BRICs accounted for 42 percent of the world's population, 14.6 percent of gross domestic product (GDP) and 12.8 percent of global trade volume in 2008. (Xinhua) 17/06/2009

Spanish.peopledaily.com.cn recounts: "The emerging and developing economies should have greater voice and representation in international financial institutions and their leaders and senior leaders (of these institutions) should be appointed through a selection process open, transparent and merit-based, "according to the joint statement issued after the conclusion of the summit. The four countries are committed to advancing the reform of international financial institutions to reflect the changes that have taken the global economy, the statement said. The leaders of Brazil, Russia, India and China discussed the current global economic situation, other global development issues and prospects for strengthening cooperation within the BRIC.Los leaders stressed the central role played by the G-20 summit to address the global financial crisis, called on all countries to act vigorously to implement the decisions taken at the G20 summit in London in April this year and pledged to cooperate closely between their countries and other partners to ensure greater advancement of collective action in the next G-20, which will be held in Pittsburgh in September 2009. A reformed financial and economic architecture should be based on principles such as decision making and implementation process of democratic and transparent international financial organizations; sound legal basis, support regulatory activities of effective national institutions and international bodies to establish standards and strengthening of risk management and supervisory practices, the statement said.

The leaders called for efforts to improve the international environment for trade and investment, and urged the international community to end trade protectionism, and promote comprehensive and balanced outcomes of the Doha Development Agenda of the WTO. It is important to note that the four countries will introduce advanced technologies in agriculture to increase productivity, said the leaders. Intellectual property rights in agriculture should be a balance between the common good of humankind and incentives for innovation, according to the statement. The statement further noted that the four countries modernize agricultural infrastructure, including irrigation, transportation, supply, storage and distribution and access to credit policies and crop insurance, in which public-private partnership can play a significant role. The leaders also called for the exchange of expertise and marketing of sustainable biofuels among the four nations. "The fluctuations in global food prices coupled with the global financial crisis is threatening global food security," the statement said. It is noteworthy that Brazil offered to host the next summit of the BRIC countries (Brazil, Russia, India and China) in 2010.

"Russia, India and China welcome the invitation of Brazil to host the next summit 2010 BRIC," said a joint statement issued after the leaders concluded today its first BRIC summit in the Russian city of Yekaterinburg. During the meeting, the leaders discussed the current global economic situation, other global development issues and prospects for further strengthening collaboration within BRIC. * Sources: Different Pages. web.