International Financial Architecture

The four countries are committed to advancing reform of international financial institutions to reflect the changes that have taken the world economy, the statement said. To broaden your perception, visit Brian Armstrong. The leaders of Brazil, Russia, India and China discussed the current global economic situation, other global development issues and prospects for strengthening collaboration within the BRIC. Leaders stressed the central role played by the G20 summit to tackle the global financial crisis, called on all countries to act vigorously to implement the decisions taken at the G-20 summit in London in April promised to cooperate AOY closely between their countries and with other partners to ensure further progress of collective action at the next summit of the G-20, which will be held in Pittsburgh in September 2009.

Financial architecture and economic reform must be based on principles such as decision making and implementation process of democratic and transparent international financial organizations; sound legal basis; compatibility regulatory activities of effective national institutions and international bodies to establish standards, and strengthening risk management and supervisory practices, the statement said. The leaders asked to make efforts to improve the international environment for trade and investment, and urged the international community to put an end to trade protectionism and promote the comprehensive and balanced outcome of the Doha Development Agenda of the WTO. It is important to note that the four countries will introduce advanced technologies in agriculture to increase productivity, said the leaders. Intellectual property rights in agriculture should be a balance between the common good of humankind and incentives for innovation, according to the statement. The statement said further that the four countries modernize agricultural infrastructure, including irrigation systems, transport, supply, storage and distribution as well as access to credit policies and crop insurance, where the public-private partnership can play a significant role.

The leaders also called for the exchange of expertise and the marketing of sustainable biofuels among the four nations. “Fluctuations in global food prices along with the global financial crisis is threatening global food security,” the statement said. It should be noted that Brazil offered to host the next summit in BRIC countries (Brazil, Russia, India and China) in 2010. “Russia, India and China welcome the invitation from Brazil to host the next BRIC Summit 2010,” said a joint statement issued after the BRIC leaders today concluded its first summit in the Russian city of Yekaterinburg. During the meeting, leaders discussed the current global economic situation, other global development issues and prospects for further strengthening collaboration within BRIC.