Trade ministers from China, Brazil, India and South Africa on Wednesday expressed strong support for Russia's accession to the World Trade Organization (WTO) this year.
Vladimir Alexandrovich Dmitriev, chairman of Vnesheconombank, the state corporation bank for development and foreign economic affairs of Russia, said enhanced economic power of the BRICS countries should entail an increased role for these counties' currencies in the international currency system, both on global and regional level.
The BNDES, China Development Bank, Development Bank of Southern Africa, Vnsheconombank and Eximbank of India aim to strengthen cooperation between financial institutions and enhance economic and commercial relationship among countries members.
Chen Yuan, chairman of China Development Bank Corporation (CDB), said the BRICS countries are facing a rare historic opportunity of deepening financial cooperation.
Li Wuwei, vice-chairman of China's National Committee of the Chinese People's Political Consultative Conference (CPPCC), said BRICS member countries should make concerted efforts to promote reform of international monetary system and set up an open, fair new order.
Standing head and shoulders above its fellow BRICS members in terms of economic power, is China trying to take the leading role among the five?
Top emerging economies meet to discuss forging bigger world role, Wu Jiao reports from Beijing.
China pledged to diversify its trade with Brazil and boost imports from South America's biggest economy, as Brazilian President Dilma Rousseff began her debut presidential trip outside Latin America.
Special: BRICS Summit 2011
China will continue to be a growth engine for Brazil, although it is increasingly viewed as a competitor in the largest South American economy.
Foreign and Chinese experts said Russia is expected to play a leading role in strengthening BRICS, speeding up the development of a more equitable international order.
The continuing rise of developing nations, such as those of the newly enlarged BRICS, marks a significant change in the global economic and political landscapes and will have a far-reaching influence on world development.
Brazil is making efforts to diversify its exports to China to increase bilateral trade, aiming at becoming the country's largest global trading partner, a senior Brazilian official said on Monday.
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