BRICS discuss ratification of new Bank, $100 bn CRA
Leaders of the five BRICS nations have met in Brisbane on Saturday ahead of the annual G20 Summit, aimed at boosting trade and economic ties between the group.
The leaders, including Chinese President Xi Jinping, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi, South African President Jacob Zuma and Brazilian President Dilma Rousseff discussed ratifying the newly formed $100 billion BRICS Bank and the $100 billion Contingency Reserve Arrangement (CRA) by parliaments in the five countries.
“They [the BRICS leaders] asked their Finance Ministers to designate the President and the Vice-Presidents of the NDB well in advance of the next BRICS Summit in Russia. The Leaders also announced the setting up of an Interim Board of Directors that will lead the next phase establishing NDB,” said a joint statement issued after the meet.
The BRICS leaders also discussed the $100 billion Contingent Reserve Arrangement (CRA).
“The Leaders asked their Finance Ministers and Central Bank Governors to ensure that, by the next BRICS Summit, the CRA Working Group concludes the procedural rules and operational guidelines of the Governing Council and the Standing Committee of the CRA,” the statement added.
In Brisbane, Brazilian President Dilma Rousseff urged BRICS to “focus on strengthening their domestic markets, in an effort to rebuild their economies”, said a Brazilian government statement.
“Amid difficulties of the global situation, key was that in our last meeting, in Brazil, we had approved the creation of two important tools – the BRICS Development Bank and the contingency reserves to strengthen our economic and financial performance,” said Rousseff.