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BRICS moves forward to set up joint bank

New Delhi, Thu, 29 Mar 2012 NI Wire

The BRICS group of five emerging economic nations signed two important pacts for spurring trade and extend credit facilities to each other in their local currencies. Apart from this members have agreed on a joint working group to set up a development bank to raise their economic significance in the rest of the world.

Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma concluded their fourth BRICS summit by renewing the pitch for reforming global governance and closer coordination on global issues.

In an important step that promises to integrate the BRICS economies closely, the five countries considered the possibility of setting up a new development bank.

The development banks of the five countries signed a master agreement on extending credit facilities in the local currency and the BRICS multilateral letter of credit confirmation facility agreement in the presence of their leaders.

The BRICS’s Delhi Declaration says that the bank is being envisaged to mobilise "resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development".

The master agreements is aimed at reducing the demand for fully convertible currencies for transactions among BRICS nations, and thereby help reducing the transaction costs of intra-BRICS trade.

(With inputs from IANS).

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