BRIC states including Brazil call for greater clout

A summit of four of the world’s main emerging powers ended with a call to having a greater say in global economic decisions.

Leaders of the BRIC (Brazil, Russia, India, China) alliance agreed to greater cooperation within the bloc but also urged economic reform and allowing developing economies to have more influence among wealthier states. They attempted to emphasize this in a carefully-worded statement emitted earlier today:

"We are committed to advance the reform of international financial institutions, so as to reflect changes in the world economy. The emerging and developing economies must have greater voice and representation in international financial institutions, and their heads and senior leadership should be appointed through an open, transparent and merit-based selection process…

We urge the international community to keep the multilateral trading system stable, curb trade protectionism, and push for comprehensive and balanced results of the WTO's Doha Development Agenda."

At the conference held in the Russian city of Yekaterinburg, Dmitri Medvedev, Manmohan Singh, Hu Jintao and Luis Inacio Lula da Silva also discussed how to diversify their assets away from the U.S. dollar as well as opposition to protectionism.

Despite the BRIC’s veiled critique of bodies like the World Bank and the U.N., Brazil along with Russia have announced plans to purchase bonds from the International Monetary Fund’s Special Drawing Rights.

Image- Deutsche Welle
Online Sources- AP, Guardian UK, Reuters, Hindu, MarketWatch