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BRICS uniting major emerging economies

BRICS uniting major emerging economies
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China says recent meet has given fresh impetus to cooperation Beijing (IANS): The fifth BRICS summit has promoted unity among major emerging...

China says recent meet has given fresh impetus to cooperation man2Beijing (IANS): The fifth BRICS summit has promoted unity among major emerging economies and injected fresh impetus into the cooperation mechanism, Chinese Foreign Minister Wang Yi said Sunday. President Xi Jinping attended the summit, which brought together leaders of Brazil, Russia, India, China and South Africa, as part of his first overseas trip since assuming the presidency in March. The meeting in Durban marked the first time that the high-profile annual gathering had come to Africa.A At the summit, President Xi looked forward to deepened cooperation among the BRICS countries on an integrated market for trade and investment, financial and monetary affairs, transportation links, and cultural and people-to-people exchanges, the minister said. These proposals, winning appreciation and positive responses from other BRICS leaders, outlined the direction of future BRICS cooperation from a strategic perspective, Wang said. The leaders agreed to set up a BRICS development bank, a Contingent Reserve Arrangement(CRA), a business council and a think tank council. The next BRICS summit will be held in Brazil in 2014.
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