BRIC agriculture ministers agree on food cooperation

The four leaders met on the margins of the G8 summit in Japan, preparing the way for a stand-alone BRIC summit.

Meeting in São Paulo, the four finance ministers discussed the global crisis and called for reform of international financial governance.

The Horsham communiqué addressed fiscal and financial responses and the need for developing economies to be better represented in international institutions.

Brazil, Russia, India and China held their first formal leaders’ summit amid the financial crisis and called for a more representative world economic order.

The leaders called for reform of international financial institutions, a greater voice for emerging economies and a more diversified monetary system.

The four leaders met to advance coordination on global governance, trade, development and responses to the financial crisis.

The joint statement called for a multipolar and more equitable world order, greater representation in international finance and continued cooperation against poverty.

Chinese foreign minister Yang Jiechi spoke with South African counterpart Maite Nkoana-Mashabane about the agreed invitation, extending the forum’s geographical reach to Africa.

After the invitation, South Africa became the fifth member and the forum adopted the name BRICS. Its entry gave Africa a direct place in the leaders’ meetings.

Ministers met in Sanya before the summit, opening a regular forum for trade policy and economic cooperation.