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| Brazil's President Dilma Rousseff, Russian President Dmitry Medvedev, India's Prime Minister Manmohan Singh, Chinese President Hu Jintao and South Africa's President Jacob Zuma (L to R) pose for group photos in New Delhi, capital of India, on March 29, 2012. The Fourth BRICS Summit started its restricted session here Thursday morning. (Xinhua/Li Tao) |
by Liu Chen, Mao Xiaoxiao, Wu Qiang
NEW DELHI, March 30 (Xinhua) -- As the Fourth BRICS leaders meeting drew its curtain Thursday in the Indian national capital here, the leaders of the five BRICS countries issued the Delhi Declaration.
Experts think that at the meeting, the BRICS countries -- Brazil, Russia, India, China and South Africa have achieved positive results in the fields of pushing forward global governance, promoting world stability and strengthening cooperation among BRICS countries.
The Assistant Foreign Minister of China Ma Zhaoxu said after the meeting that the event has met with "full success".
Especially noteworthy is the fact that BRICS countries have achieved during the one-day meeting a substantial agreement on strengthening financial cooperation among them, which showed that BRICS, as a youthful international cooperative mechanism, is moving in a more practical and more mature direction in its evolvement and growth.
CONCRETIZATION OF FINANCIAL COOPERATION
Chinese President Hu Jintao said at the BRICS Leaders meeting that practical cooperation is an important pillar of BRICS cooperation. This has been proved true at the just-ended meeting as the financial cooperation results have become the most prominent for all the results achieved by the member countries in Delhi this time.
With witnessing by leaders of the BRICS countries, the leaders of state banks of BRICS countries signed a master agreement on extending credit facilities in the local currencies of the five countries and a BRICS multilateral letter of credit confirmation facility agreement.
The two agreements adopt the method of promoting bilateral cooperation in a multilateral framework to promote activities of trade, service and investment with the own currencies of the five member countries within their frontiers, which would be helpful for maintaining sustainable development of these countries.
The President of China State Development Bank Chen Yuan who signed the agreements as representative of China, said that the two agreements are one of the important results of the summit, which has deep and far significant meaning for further deepening financial cooperation among BRICS countries.
According to the agreements, the five BRICS countries can use their own currencies in their bilateral trade, investment and financing activities,which could enable them to reduce dependence on the U.S. dollar,avoid risks in international currency ratings and cut trading costs.
It could also promote the growth of trade and investment between member countries, and help push forward internationalization of the currencies of BRICS countries.
In the Delhi Declaration, all the member countries expressed willingness to study the feasibility of setting up a BRICS development bank, which is aimed at collecting resources and providing financial support to infrastructure and sustainable development projects of BRICS countries as well as other emerging and developing countries.
Analysts say that the cooperative mechanism of BRICS countries is beginning to transform from the model of establishing big framework and general direction to methods of implementing substantial cooperative projects in concrete fields.
This reflects the characteristic of stability and practicality of the mechanism. Moreover, the deepening of financial cooperation among BRICS countries is also helpful to the construction of a more balanced and comprehensive system of global trade, currencies and pricing of commodities, thus exerting deep influence on the global economy.
