Brasília statement endorses reform of global economic 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.

At their first meeting in Moscow, agriculture ministers gave particular attention to family farming and food security.

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

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.

The Sanya summit formally welcomed South Africa in the leaders’ forum and stressed solidarity, development and broader dialogue with emerging and developing countries.

BRICS leaders asked for more representative international institutions, including the UN Security Council, and stronger developing-country voices in economic governance.