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Finance ministers of the BRICS group called for greater coordination among the five member nations to protect their interests, an official statement said in New Delhi. “During the meeting, the countries agreed that the BRICS economies have a vital role to play in ensuring that the global economy is rejuvenated. The need for BRICS countries to co-operate and co-ordinate on the G20 issues was re-iterated,” a finance ministry statement said on Friday.
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The meeting of the finance ministers and Central Bank governors took place ahead of the two-day BRICS (Brazil, Russia, India, China, South Africa) leaders’ summit in Aguada beginning on Saturday.
The ministers also discussed strategies on enhancing global growth, key issues of co-operation under the G-20 agenda, international financial architecture and the way forward on new areas of co-operation.
According to the statement, the ministers stressed on the need for timely implementation of the International Monetary Fund (IMF) quota reforms.
“The timely implementation of the 15th General Review of Quotas was emphasised by all the BRICS countries,” the statement said.
The way forward on new areas of co-operation proposed by India, such as the BRICS Institute of Economic Research and Analysis as well as BRICS Credit Rating Agency, were also discussed, the statement added.