1.25 pm: South African President Jacob Zuma says it is in BRICS that Africa feels they are being treated with respect, and equal to their partners. He expresses his hope for BRICS saying,” I see a bright future.”
1.22pm: Chinese President Hu Jintao addressing the media has said the BRICS nations will join efforts to advance cooperation and mutually strengthen their economies. He said that the nations signed the Delhi declaration which laid down foundations for further cooperation.
1.09pm: Brazilian President Dilma Rousseff is making a statement to media, and has said there should be a reform of all multinational institutions including the United Nations security council to reflect the growing importance of BRICS nations.
1.05pm: Prime Minister Manmohan Singh is addressing media at the summit. He said the BRICS nations had very fruitful discussions relating to the global economy, inclusive development and the geopolitical situation.
He said that going forward they would examine the recommendations of the just released BRICS report which identifies focus areas of structured cooperation that can be harnessed for common development.
The premier added that the finance ministers of the respective countries would study the report and come back with recommendations on how best to implement the contents of the report.
1.00pm: Leaders are signing the various agreements reached during the summit, including a master agreement for facilitating credit in local currency and a multinational letter of credit facilitation agreement. The BRICS report, which focuses on growth prospects and synergies between BRICS nations has also been launched. The report is prepared by the finance ministries and central banks of each of the nations.
12.54pm: South African President Jacob Zuma said that BRICS nations should play a greater role in electing the new President of the World Bank, and also in multinational agencies like the United Nations. “Agencies such as this must reflect the increasing importance of our nations”, he said. Zume added that they were concerned about the current impasse in WTO talks in Doha. he said developing nations were under pressure to open up their markets in exchange for reforms and protectionism which was unfair and anti development.
12.51pm: South African President Jacob Zuma is addressing the summit. Zuma said he welcomed the decision to prepare a new South South bank to sustain development, and said that the development would also be welcomed by other African nations. “Such a bank has great potential to create good jobs in developing countries”, he said.
12.48pm: Chinese President Hu Jintao has called for greater cooperation in all fields among BRICS nations and has said that they should concentrate in speaking with a stronger voice in multinational institutions like the United Nations and G20. He added that BRICS nations should also step up dialogue with other nations, particularly developing economies and share the fruits of what BRICS has achieved. In conclusion he said, “China will always hold high the banner of peace development and cooperation and are committed to the win win strategy of opening up while developing our own economy. We will always stand with developing countries come rain or shine.”
12.40pm: The Chinese President Hu Jintao is addressing the summit. President Hu says the global economy is going through an important phase, and many emerging economies have grabbed the opportunity to strengthen and grow economic relations. “We believe that the work of growing economies will help the global economy as a whole and make world peace more durable”, he said, adding “The BRICS summit is an integral part of the larger family of emerging markets in the global economy. Within just a few years we have put in a multi tiered wide ranging organization that has delivered wide ranging benefits to out people”.Chinese President Hu Jintao has said that BRICS nations should stay committed to negotiations on an equal footing
12.38pm: Russian President Dmitry Medvedev says that the position of BRICS must also strengthen the G20 group of nations. Medvedev also said that the people of the BRICS nations should also be more active in strengthening multinational relations. “We hope that our businessmen will start listening to each other”, he said.
12.30pm: Russian President Dmitry Medvedev is addressing the summit. Medvedev said that all BRICS nations have a great role to play in the development of the global economic system, adding that BRICS should be positioned as a organization built outside of existing stereotypes. Medvedev also calls for a restructuring of the United Nations security council to give BRICS nations a greater voice.
12.25pm: Brazilian President Dilma Rousseff addressing the BRICS summit says international relations can no longer be marked by subordination and submission. She calls for a greater focus on Human Rights during peacekeeping operations and for the protection of Human Rights in all nations.
12.15pm: Manmohan Singh says BRICS supports expanding the capital base of World Bank and other multilateral institutions to ensure global economic stability. He added that trade between BRICS nations would also be further strengthened through the prioritizing the provision of easier visa facilities for businessmen.
12.09pm: The Prime Minister says the BRICS summit has also looked into the setting up of a South-South development bank. Detailing a list of issues discussed at the summit, Singh added that it was also important that the BRICS nations spoke with voice on matters such as the reform of UN security council.
Underlining the geopolitical importance of the BRICS nations, Prime Minister Manmohan Singh said that the nations took note of the sensitive situation in West Asia and were committed to the peaceful resolution of the conflict there. He added that the nations were also fully aware of the global threat posed by terrorism and would do whatever it took to rid the world of the menace. ‘We must avoid political disruption”, he said.
12.07pm: Prime Minister Manmohan Singh is addressing the opening of the BRICS summit in New Delhi. The premier added that it was the responsibility of the BRICS nations to ensure that the world economy was taken forward, and Europe was given the necessary help to help itself.
The premier is detailing the common problems faced by the countries including livelihood, economic growth and water scarcity.
The BRICS summit which kicks off in New Delhi on Thursday where the leaders of Brazil, Russia, India, China and South Africa will meet to discuss among other things, whether there should be a development bank to fund infrastructure projects and if they can forge a consensus on other international affairs.
Prime Minister Manmohan Singh is scheduled to address the opening of the summit.
The five leaders will also hold a closed door meeting in Delhi following which India will hold bilateral talks with the heads of states.
On the itinerary for the leaders include creation of a separate development bank on the lines of the Asian Development Bank which will help raise funds for developmental projects in the five nations, agreeing on a political stand on issues in Iran and Syria and whether they want to have a say in the creation of the next World Bank chief.