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BRICS leaders pose for the family photo in Xiamen, China on 4 September 2017 [Xinhua]
BRICS leaders meet to forge a consensus on trade, protectionism, North Korea, the fight against terrorism and climate change on Monday.
At the plenary session of the BRICS Summit, Chinese President Xi Jinping said the five countries must expand converging trade interests.
“We need to seek practical results in our (BRICS) economic cooperation, we have not fully tapped potential of BRICS yet,” Xi said.
“We must speak with one voice for issues concerning international peace… We need to amplify voice of emerging markets and developing countries,” he added.
Xi announced that China will launch the BRICS Economic & Technical Cooperation plan with 500 million yuan ($76.4 million) for the first term.
He also said that China is allocating $4 million to aid a business operation facility at the BRICS Bank.
At the plenary meet on Monday, Brazilian President Michel Temer proposed the creation of a BRICS intelligence forum to combat terrorism.
Indian Prime Minister Narendra Modi pushed for the early creation of a BRICS rating agency to “cater to financing needs of sovereign & corporate entities of developing countries”.
“Our Central Banks must further strengthen their capabilities & promote co-operation between the Contingent Reserve Arrangement and the IMF,” he added.
The $100 billion BRICS Contingent Reserve Arrangement (CRA) became fully operational following the inaugural meetings of the BRICS CRA Board of Governors and the Standing Committee in the Turkish capital of Ankara in 2015.
The BRICS countries have launched new financial institutions like the $100 billion BRICS Bank, the China-led Asia Infrastructure Investment Bank, and a $100 billion BRICS currency reserve fund.
In Xiamen on Monday, the five leaders are holding closed-door discussions following the plenary meet.
TBP
