BRIC nations calls for efforts to fight financial crisis

• Source: Xinhua
• [12:25 June 27 2009]
• Comments

The world's four largest emerging markets, collectively known as the BRIC countries, have voiced their views on the current global financial crisis, and called for global efforts to address the crisis, which has been affecting every nation in the world.

The appeals came as representatives of the BRIC nations, a popular acronym for Brazil, Russia, India and China, took the floor at the three-day high-level UN conference on the world financial and economic crisis, which opened on Wednesday in response to the crisis emanating from the United States.

The leaders of BRIC nations hold their first summit meeting on June 16 in the Russian city of Yekaterinburg, as they are contributing increasingly to global economic growth and playing a vital role in stabilizing the world economic situation amidst the spreading international financial crisis.

 BRAZIL: VOICES OF DEVELOPING COUNTRIES MUST BE HEARD

 Ambassador Celso Amorim of the Brazilian Foreign Ministry said: "At the United Nations, countries without a voice in the existing financial governance structures are able to put forth their views. Some of them are among the poorest in the world and were hit the hardest by the global economic downturn."

"They bear no responsibility for the current crisis. We must listen to their concerns. We must keep their interests in mind in our collective actions towards recovery," he said.

"This Conference is an historic opportunity for change," he said. "It has brought the UN membership closer together to strengthen, improve and reform global economic governance."

"The fact that we have been able to agree on balanced and ambitious outcome document is a testament to the vitality of the UN," he said. "It has disproved many of the skeptics. This conference should not be a final point. Nor should it be an end in itself," he said.

 "It is incumbent upon us, UN Members, to ensure that it is the beginning of a process by means of which the whole of mankind, and not just a few, take ownership of their own destiny," the Brazilian ambassador said.

INDIA: EFFORTS NEEDED TO REFORM GLOBAL GOVERNANCE STRUCTURES

Preneet Kaur, minister of state for external affairs of India, told the high-level UN meeting that "specific responses to the financial and economic crisis must address both short-term needs, as well as the longer-term imperatives of reforming structures of global governance, including here at the UN and at the Bretton Woods institutions (BWls)."

"These reforms need to redefine the role of institutions of global economic and financial governance to reflect contemporary realities of today while being rooted in pragmatism and collaboration," she said. "It is imperative that in key decisions and decision-making processes the voice and real participation of developing countries is substantially strengthened and increased."

"Developing countries were not the cause of this crisis, but they are amongst its worst affected victims. Their exports have been hit and they are facing vastly reduced capital flows and foreign direct investment," she said.

 "The economic crisis coupled with the food and fuel crises of last year has slowed down their economic growth and casts an ominous shadow on eradication of poverty and achievement of the Millennium Development Goals (MDGs)," she said. "The human dimension to this crisis is even more frightening with estimates of additional millions being pushed back into extreme poverty."