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Special> Fifth BRICS Summit> News
UPDATED: April 1, 2013
BRICS Summit Benefits Major Emerging Economies: Chinese FM

The fifth BRICS summit has promoted unity among major emerging economies and injected fresh impetus into the development of the cooperation mechanism, Chinese Foreign Minister Wang Yi said on Sunday.

Chinese President Xi Jinping attended the summit, which brought together leaders of Brazil, Russia, India, China and South Africa, as part of his first overseas trip since assuming the presidency earlier this month.

The meeting, held from March 26 to 27 in the South African port city of Durban, marked the first time that the high-profile annual gathering had come to Africa.

At the summit, President Xi expounded on China's view on the future direction, principles and areas of BRICS cooperation, and called for the establishment of a global development partnership among the five major emerging economies, Wang said.

Xi called on the BRICS countries to coordinate their macroeconomic policies and to jointly participate in setting the international development agenda, he added.

The Chinese leader looked forward to deepened cooperation among the BRICS countries on an integrated market for trade and investment, financial and monetary affairs, transportation links, and cultural and people-to-people exchanges, the top Chinese diplomat said.

These proposals, winning appreciation and positive responses from other BRICS leaders, outlined the direction of future BRICS cooperation from a strategic perspective, Wang said.

The summit has yielded tangible fruits as were included in the Durban Declaration and its Action Plan, he said.

The leaders also witnessed the signing of a number of cooperation agreements.

The leaders agreed to set up a BRICS development bank, a Contingent Reserve Arrangement(CRA), a business council and a think tank council.

They also reached broad consensus on jointly dealing with major global and regional issues, reforming the international monetary and financial systems, and promoting the cause of the global development.

Wang said the summit's achievements have sent out a message that the BRICS countries are committed to solidarity, cooperation and win-win results.

The next BRICS summit will be held in Brazil in 2014.

(Xinhua News Agency March 31, 2013)

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