Asks antagonists to resolve suspicions over Iran’s nuclear programme through talks on multilateral fora
While making a strong statement on Iran and adopting a middle-of-the-road resolution on Syria, the fourth summit of BRICS here on Thursday largely eschewed political content and focussed on economic and development issues which included beginning the process for setting up a bank and inking two pacts to ease trade among each other.
The Delhi Declaration issued at the end of the one-day summit hinted at backing an alternative candidate for the World Bank President's post which has always been appropriated by an American and exhorted the Bank and the International Monetary Fund to quickly realign their priorities and approach to the needs of the developing world. This is an agenda the five countries intend pursuing at the coming G-20 meeting in Mexico as well.
The leaders of BRICS (Brazil, Russia, India, China and South Africa) who held a closed door meeting that overran the allotted time, weighed the consequences of setting up a “BRICS Bank” and opted for a more contemplative approach by asking their Finance Ministers to examine its feasibility and report back at the next summit in Russia. Sources said the leaders agreed that the bank should in no way emerge as a competitor to the World Bank and the IMF but provide funds for projects that do not find favour with these institutions.
In line with their professed commitment to multilateralism in economic and political problem solving, the leaders agreed to invest more in the United Nations Conference on Trade & Development (UNCTAD) which played a major role in catering to the interests of developing countries in the run-up to the setting up of the World Trade Organisation.
The five-nation grouping's formulation on Iran came close to condemning the West's pressure tactics to make other countries obey their latest restrictions on trade ties, especially in the energy sphere. Saying that a conflict would have disastrous consequences, it wanted the two antagonists to resolve suspicions over Iran's nuclear programme through talks on multilateral fora.
On Afghanistan, BRICS exhorted the international community to stay the course on the development front for 10 years after the West withdraws most of its combat troops by 2014-end and, on Russia's insistence, made a mention of checking narcotic trafficking.
Keywords: New Delhi BRICS Summit, Delhi Declaration
At last India has shown real diplomacy in international affairs.
We can take the lead in the emerging world with a clear cut policy on trans national investment. The idea of Bric bank is really innovative.The setting up of it will go along way in helping UDCs.
This is excellent news that these developing nations have chosen to be united and create a bank which shall go a long way cater the legitimate needs of these countries instead of queing wioth a begging bowl and getting crumbs at a high cost. The time has come when differences have to be sorted out amongst ourselves without the mediation of the West and come to an amicable settlement. Iran, Syria , Afghanistan, Pakistan are our neighbours and any misadventure by the West will affect us dearly and hence we should be very firm in our response if we are threatned with sanctions. We have come out of those sanctions after we became nuclear and frankly the U S was affected and not us. We are not a banana republic to be mowed down by their rheoterics but a nation with ample resources to lead rather than be led.
This is a very good iniatitive. I'm not for having a common currency. Look at what has happened to the Euro. It has created more confusion than opportunities. It's good to have a fully convertible currency exchange system among BRICS to start with. I'm sure this will go a long way in solidifying the world economy.
The decision on IRAN , shows a united front among the BRICS countries.
These countries can evolve as a great power pressure to overcome the
Western backed sanctions on IRAN, after all IRAN has all the right for a
peaceful civilian nuclear development programme. India and China being
heavily dependent on Iranian oil , it is at the right time that these
countries have joined to oppose the western backed sanctions,which when
deprived will heavily harm the economy and lead to inflation and
domestic crisis.
It is high time that these mega nations took a concrete stand up against the western pressure tactics. With 40% of the worlds population and GDP shared between them, the say of BRICS carries immense value and weightage. The BRICS also is the optimum stage to renew ties with China and solidify old freindship with Russia. Hope this forum/group will not end up being another SAARC, providing only lip service and hopefully we will see some promising actions in the coming future.
Really this is very good development. We have to brake Europe and US domination in the world economy.
It is good initiative taken by BRICS nations.It will remove the monopoly held by World Bank and IMF.
This is a fantastic idea. Each nation is a super-power in its own field; has its own strength and weaknesses. If we can pool together our expertise, share our ideas & resources there is no iota of doubt that we reach top of the world, in the next 10 yrs. Making common currency is step in the right direction. Hope there will not any hinderance by other elements.
wonderful news! I hope they go through with this. The world has been a big mass since USA has been the sole superpower. Hopefully this makes USA and Europeans change their behavior and stop their political hostage taking and financial terrorism against smaller counties like Iran whose only crime is; it wants to be independent. Today Iran, tomorrow India? who knows..
It would be more appropriate for BRICS to use the acronym CRIBS taking
into account the rapidly growing dominance of China and the increasing
potential of India.
It is a very good development. India is part of the BRIC nations and
must contribute as much as possible. If other countries can form their own groups...Group of nine- European Union etc. there's no reason why we cannot do similarly just as in case of SAARC. India , despite the dismal situation now, due to several scams under the UPA, is expected to be one of the developed and leading nations along with Russia, China and Brazil in the next 15-20 years. We must capitalise on our strengths as much as possible.
This is s most welcome development that will break the strangle hold of US Dollars in world trade. It will also herald a new era in international trade when other nations start trading in BRICS local currencies which may be interchangeable.
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