Economic and trade ministers of the BRICS, a mechanism that groups the world's five emerging economies, have decided to set up a liaison group to intensify cooperation.
Chinese President Hu Jintao met Indian Prime Minister Manmohan Singh Wednesday in Sanya City of south China's Hainan Province to exchange views on bilateral cooperation and issues of common concern.
Chinese President Hu Jintao and Russian President Dmitry Medvedev pledged to continue strategic partnership between the two countries during their meeting on the sidelines of the BRICS summit.
Hu meets Indian PM, South African president
Special: BRICS Summit 2011
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.
Ministers from the BRICS countries expressed their strong support for Russia to join the World Trade Organization in 2011.
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.
Ten years ago, Jim O'Neill, chairman of Goldman Sachs Asset Management, coined the term "BRIC". Now he is questioning whether Brazil, Russia, India and China can still be defined as emerging markets.
South African President Jacob Zuma arrived Wednesday morning in Sanya city of South China's Hainan province to attend the BRICS Leaders Meeting scheduled on Thursday.
South Africa will become a gateway to the African continent for other BRICS countries and its membership of the group will enhance south-south cooperation, according to officials and experts.
BEIJING - India, the world's "back office", is looking to become a more productive partner in BRICS cooperation.
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
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