Manmohan Singh cautions BRICS nations not to be complacentApril 14th, 2011 - 3:37 pm ICT by ANI
Sanya (China), Apr. 14 (ANI): BRICS nations today signed framework agreement which enables these nations to grant credit in local currencies, Prime Minister Manmohan Singh said.
He said: “Our designated banks have signed a framework agreement on financial cooperation which envisages grant of credit in local currencies and cooperation in capital markets and other financial services”.
The Indian Prime Minister further said: “BRICS have traveled a long distance and the global recovery process depends on how BRICS economies perform.”
He said BRICS nation should be satisfied with the management, but there should be no room for complacency”.
In a joint press address, Singh told reporters that developments in West Asia and North Africa and the Japan tragedy have created uncertainties in the global recovery.
Singh said: “The developments in West Asia and North Africa and the aftermath of the huge tragedy that befell Japan have introduced fresh uncertainties in the global recovery process at he same time world continue to grapple with threats to security from forces of terrorism and international piracy.”.
Earlier, BRICS leaders signed the Sanya Declaration and adopted an action plan.
The Prime Minister reiterated his position on reforming international institutions as per current realities.
He said: “It is a unique coincidence that this year all the BRICS countries are also members of the United Nations Security Council. We have therefore agreed to intensify our consultations to address major political and economic challenges that face us. The important objective must remain the reforms of institutions of global governance to make them truly representative of contemporary realities.”
“I’m deeply encouraged by the consensus among us of the need for the international order that is rule based and which respects the unity, territorial integrity, sovereignty and independence of individual states,” Singh added.
The Indian Prime Minister also invited BRICS leaders to visit India for the next BRIC summit in 2012. His invitation was accepted.
Earlier, in his speech at the plenary session, Singh said that the balance of power was shifting towards Asia Pacific. (ANI)
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