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DURBAN, March 27 (Xinhua) -- The 5th BRICS summit ended Wednesday with leaders agreeing to establish a development bank, while several agreements were signed to strengthen cooperation within the grouping and enhance engagement with other emerging and developing economies.
New BRICS chairperson and South African President Jacob Zuma told a media briefing early Wednesday afternoon that following a report from the finance ministers, the leaders were satisfied that the establishment of the bank was feasible and viable1.
This was after the consideration that developing countries faced challenges of infrastructure2 development due to insufficient3 long-term financing and direct investment, especially in capital stock, and constrained4 aggregate5 demand.
As a result, there was need for BRICS cooperation towards more productive use of global financial resources to make a positive contribution to the process.
"We have agreed to establish the new development bank. The initial capital contributions for the bank should be substantial and sufficient for the bank to be effective in financing infrastructure," he said.
The development bank would be based on the needs of the BRICS countries which require about 4.5 trillion U.S. dollars over the next five years for infrastructural6 development, he said.
Zuma added that BRICS leaders had also in June 2012 tasked finance ministers and central bank governors to explore the construction of a financial safety net leading to the creation of a Contingent7 Reserve Arrangement (CRA) within BRICS countries.
Leaders agreed that the creation of the CRA with an initial size of 100 billion U.S. dollars was also viable subject to internal legal frameworks and appropriate safeguards.
"We direct our finance ministers and central bank governors to continue working towards its establishment. We are grateful to our
finance ministers and central bank governors for the work undertaken on the new development bank and contingent reserve arrangement.
"We direct them to negotiate and conclude the agreement which will establish them. We will review progress made in these two initiatives at our net meeting in September 2013," he said.
Agreements signed during the summit included one on green economy cooperation co-financing and another on infrastructure co- financing for Africa.
The leaders also launched the BRICS Business Council, which will provide business to business linkages8 within the grouping, while an agreement on the establishment of a BRICS Think-Tanks Council that was signed on March 11 was formally declared.
Indian Prime Minister Manmohan Singh urged BRICS nations to promote the forum by allowing academics to share their unique experiences, particularly in the areas of energy, food security, education, health care, sustainable development, information technology and public service.
"Our roadmap of the future should focus on deepening of our existing cooperation."
The foremost challenge facing the BRICS nations was to respond to persistent10 weaknesses in the global economy, he said.
"Recognizing that BRICS countries will remain key drivers to global economic growth, we should further sustain our growth by harnessing opportunities and investment ties between ourselves," he said, adding that they should exploit their complementarities for their mutual11 benefit taking into consideration their unique resources and strengths.
Singh also highlighted the challenges of terrorism and piracy12 and said that it was incumbent13 upon the nations to use their collective voice and capacity to make an effective and meaningful contribution to these challenges and foster global peace and security.
Russian President Vladmir Putin said he hoped that BRICS nations would continue working on a professional level and called for the strengthening of technological14 and industrial markets while special attention should be given to expanding business ties.
He also encouraged the promotion15 of the green economy for sustainable development: "We will need to implement16 the highest environmental standards."
China's President Xi Jinping said the leaders of the five BRICS countries were full of confidence in the potential of the grouping saying that the countries shared broad common interests and that the establishment of the development bank would unlock the potential for BRICS cooperation.
He called for greater balance to the global economy and greater democracy in international relations, pledged China's continued readiness to play a part in forging ahead BRICS ties and added that China had already established strategic partnerships17 with others.
Besides the summit proper, BRICS nations also signed bilateral18 agreements among themselves as they sought to cement relations within the context of the transcontinental grouping.
Addressing a plenary session earlier in the morning, Zuma said it was appropriate that the leaders celebrate BRICS achievements, including its further contributions to the strengthening of the global agenda to ensure a more equitable19 and prosperous world.
"The BRICS Forum offers member states the opportunity of amplifying20 voices for political, financial, economic and social interests around common goals and development agenda based on shared values."
"BRICS countries continue to power, stabilize22 and support the global economy. We, however, should remain vigilant23 to underlying24 weaknesses and risks in the global economy."
He said BRICS countries would continue to consider crisis situations in the world and would coordinate25 closely as they sought to achieve global peace and security in line with the United Nations Charter.
The shared vision of integration26 and industrialization would remain at the core of BRICS cooperation, he said.
There was need for emerging countries to enjoy the fruits of their resource endowments by shifting from primary to industrial development and thus beneficiate their goods.
Shifting to his country, he said South Africa was keen to learn from the experiences of others and wanted to upgrade about 3.2 million youths into formal employment while enhancing skills development.
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1 viable | |
adj.可行的,切实可行的,能活下去的 | |
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2 infrastructure | |
n.下部构造,下部组织,基础结构,基础设施 | |
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3 insufficient | |
adj.(for,of)不足的,不够的 | |
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4 constrained | |
adj.束缚的,节制的 | |
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5 aggregate | |
adj.总计的,集合的;n.总数;v.合计;集合 | |
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6 infrastructural | |
adj.基础结构的基础设施的 | |
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7 contingent | |
adj.视条件而定的;n.一组,代表团,分遣队 | |
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8 linkages | |
n.连接( linkage的名词复数 );结合;联系;联动装置 | |
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9 forum | |
n.论坛,讨论会 | |
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10 persistent | |
adj.坚持不懈的,执意的;持续的 | |
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11 mutual | |
adj.相互的,彼此的;共同的,共有的 | |
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12 piracy | |
n.海盗行为,剽窃,著作权侵害 | |
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13 incumbent | |
adj.成为责任的,有义务的;现任的,在职的 | |
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14 technological | |
adj.技术的;工艺的 | |
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15 promotion | |
n.提升,晋级;促销,宣传 | |
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16 implement | |
n.(pl.)工具,器具;vt.实行,实施,执行 | |
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17 partnerships | |
n.伙伴关系( partnership的名词复数 );合伙人身份;合作关系 | |
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18 bilateral | |
adj.双方的,两边的,两侧的 | |
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19 equitable | |
adj.公平的;公正的 | |
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20 amplifying | |
放大,扩大( amplify的现在分词 ); 增强; 详述 | |
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21 paradigm | |
n.例子,模范,词形变化表 | |
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22 stabilize | |
vt.(使)稳定,使稳固,使稳定平衡;vi.稳定 | |
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23 vigilant | |
adj.警觉的,警戒的,警惕的 | |
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24 underlying | |
adj.在下面的,含蓄的,潜在的 | |
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25 coordinate | |
adj.同等的,协调的;n.同等者;vt.协作,协调 | |
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26 integration | |
n.一体化,联合,结合 | |
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