The five BRICS nations continue to call for broad-based international reserve currency system instead of the U.S. dollar, aiming to provide Stability and Certainty where the nations said that the financial crisis revealed inadequacies and deficiencies of the current monetary system of the world.
The five BRICS includes; Brazil, Russia, India, China and South Africa. The era demands that the BRICS countries strengthen dialogue and cooperation, Chinese president said.
BRICS agreed to establish mutual credit lines denominated in their domestic currencies, rather than the U.S. dollar.
The developments in west Asia and north Africa, and the aftermath of the huge tragedy that befell Japan, have introduced fresh uncertainties in the global recovery process, Indian Prime Minister Manmohan Singh said.
Meanwhile, the Russian President Dmitry Medvedev said that Our economic potential, political influence and our development prospects as an alliance are exceptional.