International

“BRIC played crucial role at G-20 summit”

MOSCOW: Taking a joint stand on the global crisis the BRIC nations, Brazil, Russia, India and China (BRIC), secured a greater voice for emerging economies at the G-20 summit in Washington, a Russian Minister has said.

Commenting on the outcome of the Washington summit, Deputy Finance Minister Dmitry Pankin said the BRIC leaders played a crucial role in reworking the U.S.-drafted G-20 communiqué.

“The initial draft made no mention of the need to give the emerging nations a bigger say in the international financial institutions,” said Mr. Pankin on Monday. The final communiqué stated that emerging and developing economies “should have a greater voice and representation” and called for an urgent expansion of the Financial Stability Forum (FSF) to give “a broader membership of emerging economies.” India, China and Brazil will now join the FSF board, the global economic policy powerhouse, which to date has been the bastion of the G-8. Mr. Pankin said the BRIC leaders also successfully pushed for the G-20 to agree on closer coordination of macroeconomic policies. “The G-20 summit showed that if we [BRIC] act in concert we have a very good chance of having our voice heard,” he said.

Ahead of the summit, the BRIC nations issued a joint statement demanding a bigger role in shaping the new global financial architecture.

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