Financial cooperation agreed upon during the BRICS summit in South Africa this week is a vital step in further reform of the global financial system, and could give developing countries more independence in dealing with global economic issues, experts say.
Creation of a $100 billion contingency fund by Brazil, Russia, India, China and South Africa is a major step in advancing the collective power of the BRICS and will help the international community as well, analysts say.
The leaders of five major emerging economies wrapped up their latest round of summit Durban to promote their partnership for development, integration and industrialization.
The excessive liquidity caused by easing policies in major economies such as the United States, Japan and the United Kingdom, is posing great challenges for BRICS nations and they should boost cooperation to address speculative hot money, analysts said.
Substantial progress in establishing a BRICS development bank is just around the corner, as officials and analysts expect the proposed institution to strengthen ties between the five nations.
BRICS countries must give more attention to cultural exchanges to sustain long-term cooperation, and China and Africa still have a lot of room to develop communication.
As incomes in emerging markets increase, Africans stand to benefit greatly from the continent's membership in the BRICS group, a financial analyst said.
Chinese President Xi Jinping and leaders of four other major emerging economies gathered here on Wednesday for the fifth BRICS summit to promote cooperation.
> BRICS summit kicks off in Durban BRICS nations to establish development bank Xi sets out vision for bilateral ties Special
Chinese President Xi Jinping on Wednesday urged BRICS business communities to seize the opportunities presented by the development of their countries.
The BRICS nations have agreed to enter into negotiations on the establishment of a development bank to finance infrastructural development in their countries, South African President Jacob Zuma announced on Wednesday.
The framework of BRICS is a strategically significant platform for emerging economies to coordinate their stances, says a Brazilian writer.
The currency-swap agreement of Brazil and China signed Tuesday will guarantee bilateral trade over the coming years, Brazil's Central Bank governor Alexandre Tombini said.