Ahead of 4th summit level meeting of leaders from Brazil, Russia, India, China and South African (BRICS) on March 29 in New Delhli, experts from these countries have called for a new financial world order.
Ahead of 4th summit level meeting of leaders from Brazil, Russia, India, China and South African (BRICS) on March 29 in New Delhli, experts from these countries have called for a new financial world order. A meeting of experts organised by a think-tank Observer Research Foundation (ORF) to discuss agenda and issues for the forthcoming summit, recommended setting up of financial institutions parallel to International Monetary Fund (IMF) and World Bank, in order to assist developing countries to tide over financial upheavals.
Stressing on the need to strengthen financial cooperation among individual development banks of BRICS countries, over 60 experts suggested creating frameworks for enabling viable and timely responses to both endogenous and exogenous financial shocks.
Taking note of the increased terrorist activities, narcotics trade, money laundering and human trafficking, the experts suggested sharing resources and information through collaboration between relevant institutions and integrating natural assets with their national macro-economic policies.
Addressing the scholars, Dinesh Bhatia, joint secretary, Ministry of External Affairs, said the financial crisis which originated in the United States is still posing a threat to the global economy. He said the leaders at the summit would discuss ways to enhance cooperation and to seek viable solutions for reforming the financial and governance architecture.
The South African delegation asked for a focus on contextual policymaking rather than following the West. The Chinese delegation leader asked BRICS to assume leadership role in financial governance and responding to crises such as the recent global financial crisis in a coordinated manner. The Russian delegate leader said that the BRICS must strive to become more active in responding to political crises. The Brazilian delegation leader emphasised on the need to coordinate BRICS positions on the upcoming Rio+20 Summit on Sustainable Development.
Formalised with the first meeting of the foreign ministers on the margins of the United Nations General Assembly in New York in September 2006, the grouping has come a long way in a short span of time. South Africa joined the grouping at the third Summit in Sanya, China in April 2011.
The agenda of BRICS meetings has widened considerably over the years to encompass topical global challenges such as international terrorism, climate change, food and energy security, developmental issues and the international financial crisis.
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