(Weekly Organ of the Communist Party of India (Marxist)
June 21, 2009
BRIC Countries Demand More Say In World Financial Institutions
first ever summit
meeting of the BRIC countries --- comprising Brazil, Russia, India and
took place on June 16, 2009 in the Ural city of Yekaterinburg in
is a historical place which played a very important role during the
Patriotic War against fascism (during the Second World War); here the
the city's industry and economy was geared to serve the needs of the
leading enterprises of the city were converted to military production.
The BRIC summit ended with a vigorous call seeking greater voice for developing economies to create a more democratic world order and a bold agenda for mitigating the financial meltdown. Russian president Dmitry Medvedev, Indian prime minister Manmohan Singh, Chinese president Hu Jintao and Brazil’s president Lula da Silva discussed a range of global issues, including the financial crisis, food and energy security, climate change and international terrorism.
BRIC meeting is an
important step forward in world politics. It was held amidst a global
crisis that began in the
The BRIC countries are all important developing nations and the driving forces for the world's common development with their big populations and vast territories. With 42 per cent of the global population, the four BRIC countries currently turn out 15 per cent of the world's gross domestic product (GDP) and 12.8 per cent of the global trade volume, and they contributed more than 50 per cent of the world’s economic growth in 2008. They account for more than a quarter (25.9 per cent) of the world’s territory. In addition, they have huge natural resources and large industrial potential.
a pointed message to
the world’s established powers and the G7 grouping of wealthy
BRIC backed “a more democratic and just multipolar world order based on
rule of international law, equality, mutual respect and collective
and pressed for the central role of the UN and multilateral diplomacy
dealing with global challenges. The joint document at the end of the
took note of the status of
should create conditions for a fairer world order and create an
order that is conducive to their prosperity,” Medvedev, the chair of
the BRIC, said
addressing a press conference at the end of the summit. The summit
mapping a new global economic order based on greater representation for
emerging and developing economies in international financial
“We are committed to advance reform of international financial institutions so as to reflect changes in the world economy… The emerging and developing economies must have greater voice and representation in international financial institutions, and their heads and leaderships should be appointed through an open, transparent and merit-based selection process,” the joint statement said.
summit called for
speedy implementation of decisions taken at the G20 summits in
leaders of BRIC
countries took a slew of important decisions and initiatives that
dealing with global food security on a priority basis (2) stepping up
to provide liquidity to poorest countries which have been hit hardest
financial crisis (3) promoting sustainable development (4)
in the field of energy security (5) more cooperation in the field of
and technology and (6) intensifying efforts for international
assistance. The joint statement issued by
This is the time all the developing countries get together and join hands to forge a broad front to face the challenges unitedly and, surely, the BRIC summit is a step forward in this endeavour.