TEXT-Communique from BRIC summit in Brasilia

BRASILIA, April 15 (BestGrowthStock) – Following is the text of the
communique issued by the leaders of Brazil, Russia, India and
China following the second BRIC summit, held in Brasilia.

We, the leaders of the Federative Republic of Brazil, the
Russian Federation, the Republic of India and the People’s
Republic of China, met in Brasilia on 15 April 2010 to discuss
major issues of the international agenda as well as concrete
steps to move forward the cooperation and coordination within
BRIC.

We have agreed on the following:

Common Vision and Global Governance

1. We share the perception that the world is undergoing
major and swift changes that highlight the need for
corresponding transformations in global governance in all
relevant areas.

2. We underline our support for a multipolar, equitable and
democratic world order, based on international law, equality,
mutual respect, cooperation, coordinated action and collective
decision-making of all States.

3. We stress the central role played by the G-20 in
combating the crisis through unprecedented levels of
coordinated action. We welcome the fact that the G-20 was
confirmed as the premier forum for international economic
coordination and cooperation of all its member states. Compared
to previous arrangements, the G-20 is broader, more inclusive,
diverse, representative and effective. We call upon all its
member states to undertake further efforts to implement jointly
the decisions adopted at the three G-20 Summits.

We advocate the need for the G-20 to be proactive and
formulate a coherent strategy for the post-crisis period. We
stand ready to make a joint contribution to this effort.

4. We express our strong commitment to multilateral
diplomacy with the United Nations playing the central role in
dealing with global challenges and threats. In this respect, we
reaffirm the need for a comprehensive reform of the UN, with a
view to making it more effective, efficient and representative,
so that it can deal with today’s global challenges more
effectively. We reiterate the importance we attach to the
status of India and Brazil in international affairs, and
understand and support their aspirations to play a greater role
in the United Nations.

5. We believe the deepened and broadened dialogue and
cooperation of the BRIC countries is conducive not only to
serving common interests of emerging market economies and
developing countries, but also to building a harmonious world
of lasting peace and common prosperity. We have agreed upon
steps to promote dialogue and cooperation among our countries
in an incremental, proactive, pragmatic, open and transparent
way.

International Economic and Financial Issues

6. The world economic situation has improved since our
first meeting in June 2009, in Ekaterinburg. We welcome the
resumption of economic growth, in which emerging market
economies are playing a very important role. However, we
recognize that the foundation of world economic recovery is not
yet solid, with uncertainties remaining. We call upon all
states to strengthen macroeconomic cooperation, jointly secure
world economic recovery and achieve a strong, sustainable and
balanced growth. We reiterate our determination to make
positive efforts in maintaining domestic economic recovery and
promoting development in our own countries and worldwide.

7. We underline the importance of maintaining relative
stability of major reserve currencies and sustainability of
fiscal policies in order to achieve a strong, long-term
balanced economic growth.

8. We are convinced that emerging market economies and
developing countries have the potential to play an even larger
and active role as engines of economic growth and prosperity,
while at the same time commit to work together with other
countries towards reducing imbalances in global economic
development and fostering social inclusion.

9. G-20 members, with a significant contribution from BRIC
countries, have greatly increased resources available to the
IMF. We support the increase of capital, under the principle of
fair burden-sharing, of the International Bank for
Reconstruction and Development and of the International Finance
Corporation, in addition to more robust, flexible and agile
client-driven support for developing economies from
multilateral development banks.

10. Despite promising positive signs, much remains to be
done. We believe that the world needs today a reformed and more
stable financial architecture that will make the global economy
less prone and more resilient to future crises, and that there
is a greater need for a more stable, predictable and
diversified international monetary system.

11. We will strive to achieve an ambitious conclusion to
the ongoing and long overdue reforms of the Bretton Woods
institutions. The IMF and the World Bank urgently need to
address their legitimacy deficits. Reforming these
institutions’ governance structures requires first and foremost
a substantial shift in voting power in favor of emerging market
economies and developing countries to bring their participation
in decision making in line with their relative weight in the
world economy. We call for the voting power reform of the World
Bank to be fulfilled in the upcoming Spring Meetings, and
expect the quota reform of the IMF to be concluded by the G-20
Summit in November this year. We do also agree on the need for
an open and merit based selection method, irrespective of
nationality, for the heading positions of the IMF and the World
Bank. Moreover, staff of these institutions needs to better
reflect the diversity of their membership. There is a special
need to increase participation of developing countries. The
international community must deliver a result worthy of the
expectations we all share for these institutions within the
agreed timeframe or run the risk of seeing them fade into
obsolescence.

Investment

TEXT-Communique from BRIC summit in Brasilia