BRICS summit delivers tangible results

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Chinese President Xi Jinping (2nd L) poses for a group photo with Indian Prime Minister Manmohan Singh (1st L), South African President Jacob Zuma (C), Brazilian President Dilma Rousseff (2nd R) and Russian President Vladimir Putin (1st R) during the 5th BRICS Summit in Durban, South Africa, March 27, 2013. [Photo: Xinhua]

The leaders of five major emerging economies on Wednesday wrapped up their latest round of summit in the South African city of Durban to promote their partnership for development, integration and industrialization.

It is the first time for the BRICS nations, namely Brazil, Russia, India, China and South Africa, to hold their leaders' meeting on the continent of Africa.

China Pledges to Enhance BRICS Cooperation

While addressing the summit in his keynote speech, Chinese President Xi Jinping called on all BRICS members to work hand in hand for common development.

He pledged that China would strengthen cooperation with other members to make economic growth of BRICS countries more robust and their cooperation better-structured and more productive.

BRICS cooperation not only brings benefits to the peoples of the five countries, but also contributes to promoting democracy in international relations, Xi said.

He said all members should manage their own affairs well by growing the economy and improving people's lives, strengthen coordination of macroeconomic policies, reform the international monetary and financial systems, and promote trade and investment liberalization and facilitation.

They should jointly participate in the setting of international development agenda and make global development more balanced, he said.

BRICS countries should work hard to boost cooperation in economy and trade, finance, infrastructure, movement of people and other fields, Xi said.

He also called for improving global economic governance and increasing the say and representation of BRICS countries, and urged the BRICS nations to move toward the goal of integrated markets, multi-tiered financial network, connectivity by land, air and sea, and greater cultural exchanges.

Tangible Results

At the summit, the five BRICS members have achieved a number of tangible results, and agreed to expand their future cooperation to more sectors, according to a statement issued after the meeting.

The most tangible outcomes, among others, is that the leaders have agreed to establish a development bank for mobilizing resources for infrastructure and sustainable development projects in the BRICS, as well as other emerging and the developing nations.

The BRICS leaders believed that the bank serves as a supplement to the existing efforts of multilateral and regional financial institutions for global growth and development, adding that the initial contribution to the bank should be sustainable and sufficient.

Meanwhile, the members also agreed to explore the construction of a financial safety net through the creation of a Contingent Reserve Arrangement (CRA).

The leaders said the idea would help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability.

In the statement, the countries also expressed their common aspiration to improve global economic governing system.

The leaders vowed to reform international financial system to make them more representative and to reflect the "growing weight" of the BRICS and other developing nations, adding that the leadership selection of international financial institutions should be open, transparent and merit-based.

Additionally, the BRICS nations would explore the possibility of strengthening their cooperation between their state-owned firms, and promote the dialogues among the small and medium-sized companies.

They would also consider to expand their cooperation to more sectors including public diplomacy, anti-corruption, drug control, youth exchanges, tourism, energy and sports.

Also in the statement, the leaders of the BRICS countries voiced their opinions on a series of international hotspots including peace in the Middle East, Iranian nuclear issue, and the situation in Syria, Mali, Central African Republic, the Democratic Republic of Congo and Afghanistan.

Cooperative Partnership between BRICS & Africa

Also on Wednesday, the leaders of the BRICS members and some African countries, after the summit, discussed their cooperation at the first BRICS Leaders-Africa Dialogue Forum, which is under the theme "Unlocking Africa's potential: BRICS and Africa cooperation on infrastructure."

While addressing the forum, Chinese President Xi Jinping said  the dialogue between leaders of BRICS and African countries reflected the political will of both sides to realize equality and inclusiveness and seek common development.

Xi said the Chinese government is willing to form a cooperative partnership for transnational and trans-regional infrastructure, and help the African nations with the consultation, planning, feasibility research and project design of promoting interconnections and resource censor.

He also promised to help Africa to train 300 managing and technical personnel specialized in the field of infrastructure, and encourage Chinese enterprises and financial institutions to participate in the building and operating the infrastructure.

The Chinese leader also reaffirmed China's promise to give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed nations having diplomatic ties with China.

Other leaders of the BRICS nations said the BRICS countries would like to forge a cooperative partnership with Africa, and help Africa in constructing its infrastructure.

The African leaders said Africa needs to strengthen its infrastructure, promote integration and industrialization, and lift over-all competitiveness and the capacity for sustainable development.

The African nations are willing to set up with the BRICS members a cooperative partnership that highlights mutual support, mutual benefit and win-win results, said the leaders.

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