BRIC summit ends, effort for world economy boom continues

 @ibtimes
on June 17 2009 5:53 PM

The first summit of BRICs (Brazil, Russia, India and China) ended on Tuesday in Yekaterinburg with robust consensus on more joint efforts to revive the world economy.

At the two-day summit the four countries had in-depth discussion on a wide range of issues from the current financial crisis to some long-term issues such as food, energy security and public health.

While promising to strengthen cooperation, the four leaders also urged to step up the implementation of the G20 agreements, and the reform of international financial system, as well as to protect and boost the interests of developing countries.

To facilitate the international economic and financial reform, the four leaders asked all participating parties to adopt democratic and transparent policies, abide by relevant laws and regulations, enhance financial supervision and risk control, protect a healthy international trade and investment environment, and firmly oppose trade protectionism.

Zhiye Ji, deputy chief of China Institute of Contemporary International Relations, pointed out that the most urgent task facing all countries is to deal with the deepening financial crisis. The BRIC summit is a good opportunity for the four major developing countries to find ways to fight the crisis and to recover first.

The summit has set a guideline for the four nations' future cooperation, said Xin Li, head of Russia and Central Asia Studies Department of the Shanghai Institute for International Studies.

The guideline, built on the basis of political trust, mutual benefit, cultural exchange, openness and transparency, will add vitality and boost sustainability for the BRIC nations, Li said.

The summit also put special emphasis on world food security, among other long-term issues such as energy safety and public health.

As the BRIC countries accounted for 42 % of the world's population, food security is of special significance for them, said Guang Pan, a Chinese expert on international studies.

Pan said the emphasis on food problem has reflected the long-sightedness of the BRIC leaders.

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