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BRIC nations urge diverse monetary system
Updated: 2009-06-17 09:55
A reformed financial and economic architecture should be based on "democratic and transparent decision-making and implementation process at the international financial organizations," it said.
The BRIC nations urged the international community to keep the multilateral trading system stable, curb trade protectionism and they stressed a commitment to "advance the reform of international financial institutions to reflect changes in the world economy."
The group repeated long-standing calls that emerging economies like Brazil, Russia, India and China be given greater representation at major institutions like the International Monetary Fund or the World Bank.
The document called for broader cooperation in the energy sphere, diversifying energy resources and energy transit routes.
It also underlined support for a "more democratic and just multipolar world order based on the rule of international law, equality, mutual respect, cooperation, coordinated action and collective decision making of all states."
The wording reflected a longtime call by China and Russia, shared by other developing nations, for a bigger say in global affairs to counter the US domination in global affairs.
Brazil will host the next summit of the BRIC meeting in 2010.