Russia’s President Medvedev called for a key role for the BRICS nations in world affairs, and demanded faster modernization of the world financial system to reflect their growing role, following talks with BRICS nations leaders in Delhi on Thursday.
The BRICS nations are dissatisfied with the pace of reform of the world’s financial-economic architecture which fails to take sufficient account of their role in the global economy, Medvedev said.
“I consider that the guarantee of the success of the BRICS project may be the commonality of our core interests,” Medvedev said at a BRICS nations leader’s summit in Delhi.
“We are all interested in reforming the world’s ageing financial system. Such reform is proceeding, but today we are expressing our displeasure at the speed at which it is going ahead, which is reflected in the draft of our statement. It is not taking into account the role in the global economy, which the BRICS and other states with developing markets already play ,” he added.
“Discussion, of course, is foremost about the reform of the IMF. This reform should be carried out to the end, and done as we agreed within the G20 – not putting it off because problems in the international financial system persist,” he said.
The summit declaration also calls for overall reform of the UN, including the UN Security Council, to make the organization more effiecient.
The BRICS could become one of the key elements in the system of global government, President Medvedev said, and should develop a new model of relations beyond any established stereotypes and above “bridges” or “intermediaries.”
The grouping could gradually transform into a full-fledged mechanism of global economic and political cooperation, which could become the BRICS’ strategic goal, he said on Thursday.
“Such modernization can be based on a joint strategy,” Medvedev said.
That would help consolidate the international position of the BRICS and strengthen their “gravitation field.”
Constant dialogue is needed with leading developing nations and regional structures, the president said.
Such approaches toward uniting states with a total population of almost 3 billion people would undoubtedly limit their possibilities for carrying out an independently agreed course in the international arena, he said.
China’s President Hu Jintao called for a “multi-polar approach to world politics” and said BRICS countries should enhance cooperation within the framework of G20, the United Nations and other international structures.
“Cooperation in politically important spheres is a basis for cooperation between the BRICS countries,” Hu said. “We should strengthen political interaction through dialog and exchange; fully take into account key interests and concerns of each other in order to give an example of mutual respect and equal consultations on the international arena.”
He also stressed the importance of reforming the global economic management “by boosting the representation of emerging markets and developing economies and increasing their role in decision-making.”
The BRICS countries will not allow outside military intervention in Syria, Medvedev said.
“We believe that it is important not to allow foreign intervention in Syrian affairs, let the government and opposition finally launch dialogue without damaging it, without saying that it is a priori doomed to failure and that only military action can restore order,” Medvedev said.
Last week, Medvedev backed UN and Arab League envoy Kofi Annan’s peace mission in Syria, saying it might be the last chance to avoid a “protracted and bloody civil war.”
They also backed Kofi Anna’s mission in Syria and urged a political settlement in the country.
The five leaders warned about the catastrophic implications of a conflict in Iran.
“The situation in Iran must not be allowed to develop into a conflict, which would have catastrophic consequences,” they said in a declaration.
“We expect Iran to make its contribution as a responsible member of the international community.”
The BRICS group of countries – Brazil, Russia, India, China and South Africa – are a group of nations with rapidly developing economies. Practical cooperation began between them in 2006 when President Vladimir Putin initiated the first meeting of the foreign ministries of these nations on the sidelines of a UN General Assembly meeting.
South Africa will host the fifth BRICS sitting in 2013, the countries ageed. BRICS leaders also signed a declaration setting out further cooperation, including a draft convention outlining the legal norms for fighting terrorism.