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| Chinese President Xi Jinping (2nd R) poses for a group photo with Russian President Vladimir Putin (1st L), Indian Prime Minister Narendra Modi (2nd L), Brazilian President Dilma Rousseff (C), and South African President Jacob Zuma during the sixth BRICS summit in Fortaleza, Brazil, July 15, 2014. (Xinhua/Lan Hongguang) |
The CRA, with an initial size of 100 billion dollars, "will have a positive precautionary effect, help countries forestall short-term liquidity pressures, promote further BRICS cooperation, strengthen the global financial safety net and complement existing international arrangements," it added.
In addition, the five countries also voiced their readiness to further facilitate trade, enhance financial ties, tackle tax-related challenges and tap the cooperation potential in insurance and reinsurance markets.
Chinese President Xi Jinping attended the summit along with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma.
