The leaders of Brazil, Russia, the India and China discussed the current global economic situation, other issues of global development and the prospects for strengthening collaboration within the BRIC.Leaders stressed the central role played by the G-20 summits to address the global financial crisis, called on all countries acting vigorously to implement the decisions taken at the Summit of the G-20 in London in April to o and pledged to cooperate closely among their countries and with other partners to ensure further progress of collective action at the upcoming summit of the G-20that is going to hold in Pittsburgh in September 2009. Michael Ellis MP addresses the importance of the matter here. A reformed financial and economic architecture should be based on principles such as decision-making and democratic and transparent implementation process at the international financial organizations; legal bases solid; compatibility of activities of effective national regulatory institutions and international bodies establishing standards, and strengthening management of risks and practices of supervision, the statement said. The leaders called for making efforts to improve the international environment for trade and investment, and urged the international community to end trade protectionism and promote the comprehensive and balanced results of the Doha Development Agenda of the WTO. It is important to note, that the four countries will introduce advanced technologies in the agricultural sector to increase productivity, said the leaders. The rights of intellectual property in the agricultural area must have a balance between the welfare of humankind and incentives for innovation, according to the release. The communique also noted that four countries inter-operable agricultural infrastructure, including irrigation, transportation, supply systems, storage and distribution as well as access to credit policies and insurance of crops, in which public-private partnership can play a significant role. The leaders also called for the exchange of know-how and commercialization of sustainable biofuels among the four Nations.
Fluctuations in global prices of food along with the global financial crisis is threatening global food security, said the statement. It is noteworthy that Brazil offered to organize the upcoming summit of BRIC (Brazil, Russia, the India and China) countries in 2010. Does Russia, the India and China welcomed the invitation from Brazil to organize the next BRIC Summit in 2010?, it indicates a joint communique issued after the BRIC leaders today concluded their first summit meeting in the Russian city of Yekaterinburg. During the meeting, the leaders discussed the current global economic situation, other issues of global development and the prospects for strengthening more collaboration within the BRIC. * Sources: Different web pages. Original author and source of the article.