NEW MULTI-POLAR WORLD LEADERS - BRAZIL, RUSSIA, INDIA, CHINA - PUSH FOR GREATER RIGHTS FOR NON-WESTERN WORLD

The Guardian

UNITED NATIONS REFORM

"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 U.N. ... 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."

Give us more clout at IMF, say BRIC nations

By Sarah Arnott

The Independent

Wednesday, 17 June 2009

The first formal summit of the four emerging "BRIC" powers concluded in Russia yesterday with calls for reform of international economic institutions and a curb on protectionism.

The Presidents of Russia, China and Brazil and the Prime Minister of India met in Yekaterinburg, nearly 900 miles east of Moscow, to thrash out ways to rebuild the world economy.

Between them, the BRIC nations account for 22 per cent of the £42trn global economy and have bankrolled a large proportion of the developed world's attempts to repair its balance sheet. In a joint communiqué issued yesterday, the leaders called for a stronger role in the world's shared financial institutions.

They have already secured a louder voice on the Financial Stability Board, the internatinoal college of regulators and central bankers. But the main beef is the International Monetary Fund (IMF), where BRIC countries have few votes proportional to their influence.

"We are committed to advance the reform of international financial institutions, so as to reflect changes in the world economy," the communiqué said. "The emerging and developing economies must have greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit-based selection process."

Russia and China have both been outspoken critics of the dollar's role as the world's reserve currency, and even proposed its replacement by the IMF's "special drawing rights", a basket of currencies created in the late 1960s to facilitate international trade.

Although overt mention of the dollar was notably absent from yesterday's statement, there were strong hints. "We also believe there is a strong need for a stable, predictable and more diversified international monetary system," the communiqué added.

Alongside its calls for a bigger role, the BRIC is also pushing for a clampdown on protectionism. "We recognise the important role played by international trade and foreign investments in the world economic recovery," they stated. "We urge the international community to keep the multilateral trading system stable, curb trade protectionism, and push for comprehensive and balanced results of the World Trade Organisation's Doha Development Agenda."

Chinese president makes proposal for tackling global financial crisis at BRIC summit

Xinhua

...BRIC countries should commit themselves to pushing forward the reform of international financial system, Hu [Jintao] said.

To establish a new international financial order that is fair, equitable, inclusive and well-managed, and provide guarantee for the sustainable development of the global economy in terms of system and mechanism conforms with the trend of the historical development and is in the fundamental interest of all parties, he said.

BRIC countries should improve the international financial supervision mechanism and ensure the effective participation of the developing countries in world financial supervision organizations such as the Financial Stability Board, Hu said.

Third, BRIC countries should commit themselves to implementing the UN Millennium Development Goals (MDGs), the president said.

The international community should not overlook development issues and cut the input for development while dealing with global financial crisis, he said.

Instead, it should pay close attention to the impact that the crisis has left on developing countries, especially the least developed ones, he added.

The BRIC countries should call on all parties to continue to implement the MDGs and urge the developed economies to fulfil their commitment to assistance, he added.

Fourth, BRIC countries should commit themselves to ensuring the security of food, energy resource, and public health, he added.

He said while tackling the ongoing global financial crisis, efforts should be made to properly handle some outstanding problems that hinder development, such as climate change, food, energy, resource and public health security. A long-term approach and overall plan should be adopted to take all factors into consideration as these issues bear on the wellbeing of all peoples in the world and their overall interests, he added.

He also urged BRIC countries to increase investment in agriculture, develop advanced agricultural technique and curb market speculation. He also called for greater food assistance and closer agricultural and food cooperation.

"We should also accelerate our efforts in developing clean and renewable energy, and establish advanced research and promotion systems in a bid to diversity our energy supply," Hu said.

He urged the four countries to strengthen information exchanges and communication, share the experience on epidemics preventions and control, and work together to develop and share vaccines, and cooperate in pandemic control and prevention.