Finance ministers of the BRICS grouping today called for greater coordination among member nations to protect the interest of emerging economies, while discussing strategies to push reforms for enhancing global growth.
At the meeting of the BRICS Finance Ministers and Central Bank Governors, attended by Arun Jaitley and Urjit Patel, here the five emerging market economies also stressed on the need for timely implementation of the IMF quota reforms.
That apart, they discussed policy instruments that are being used by them in ensuring that the growth of their domestic economies is stimulated.
They also discussed strategies on enhancing global growth, key issues of co-operation under the G-20 agenda, international financial architecture and regulatory reforms and the way forward on new areas of co-operation.
The meeting precedes the two day Summit of the BRICS (Brazil, Russia, India, China and South Africa) grouping beginning tomorrow.
"During the meeting, the countries agreed that the BRICS economies have a vital role to play in ensuring that the global economy is rejuvenated. The need for BRICS countries to co-operate and co-ordinate on the G20 issues was re-iterated," a finance ministry statement said.
They discussed ways and means by which the BRICS nations can ensure that the interest of the emerging market economies are addressed in the various work streams of G20.
"The timely implementation of the 15th General Review of Quotas was emphasised by all the BRICS countries," the statement added. The quota reforms at International Monetary Fund (IMF) are aimed at giving greater say to developing nations in its functioning.
The members also discussed the way forward on new areas of co-operation proposed by India, namely, BRICS Institute of Economic Research and Analysis as well as BRICS Credit Rating Agency.
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