Chinese President Xi Jinping, Russian President Vladimir Putin, Brazilian President Dilma Rousseff, Indian Prime Minister Narendra Modi and South African President Jacob Zuma attend a small-group meeting of the 7th BRICS summit in Ufa, Russia, July 9, 2015. (Photo: Xinhua/Xie Huanchi)
The BRICS announced on Thursday that its 7th summit marks the entry into forces of the New Development Bank (NDB) and the Contingent Reserves Arrangement (CRA).
The five BRICS nations (Brazil, Russia, India, China and South Africa) reaffirmed their focus on strengthening partnership in a declaration released following their 7th summit in the southwestern Russian city of Ufa.
The five countries welcomed the inaugural meeting of the Board of Governors of the NDB held on the eve of the Ufa Summit.
They reiterated that the NDB shall serve as a powerful instrument for financing infrastructure investment and sustainable development projects in the BRICS and other developing countries and emerging market economies and for enhancing economic cooperation within the bloc.
They expected the NDB to approve its inaugural investment projects in the beginning of 2016.
We welcome the proposal for the NDB to cooperate closely with existing and new financing mechanisms including the Asian Infrastructure Investment Bank, said the Ufa Declaration.
They also welcomed the signing of the BRICS Inter-Central Bank Agreement that sets technical parameters of operations within the BRICS CRA.
"We see the creation of the BRICS CRA, allowing its members to provide mutual financial support, as an important step in the financial cooperation of our countries," said the declaration.
The five nations said they will continue to work to intensify financial and economic cooperation, including within the NDB and the CRA to build upon their synergies.
The Strategy for the BRICS Economic Partnership that adopted on Thursday would be the key guideline for expanding trade and investment, manufacturing, financial cooperation, connectivity and ICT cooperation between the five countries, according to the declaration.
They will also look into the feasibility of developing a BRICS trade, economic and investment cooperation roadmap for the period until 2020.
The leaders of Brazil, Russia, India and South Africa welcome and support China's upcoming presidency of the Group of 20, said the declaration.
The five nations expect the United States to ratify the 2010 reforms by mid-September 2015 as agreed in the International Monetary Fund (IMF).
"We reaffirm our commitment to maintaining a strong, well-resourced and quota-based IMF," it said.
The BRICS countries acknowledged the potential for expanding the use of their national currencies in transactions within BRICS, the declaration said, adding that the relevant authorities of the five nations will continue discussion on the feasibility of a wider use of national currencies in mutual trade.
Reiterating their strong condemnation of terrorism in all forms and manifestations, the BRICS countries are determined to consistently strengthen cooperation in preventing and countering international terrorism, it said.
According to the declaration, the BRICS nations called for more active measures to address the drug problem, taking into account the unprecedented global growth in the production and demand of narcotic drugs.
The five countries also recognized the significance of connectivity in enhancing economic ties and fostering closer partnership among BRICS countries, said the declaration, adding that the bloc supports initiatives of these nations in promoting connectivity and infrastructure development.
Meanwhile, the declaration conveyed the stances of the BRICS members on a host of hot topics, such as the post-2015 development agenda, global climate change, cyber-crimes, Iran nuclear negotiation, as well as the situation in Ukraine.
Indian will host the eighth BRICS summit in 2016, it said.
Chinese President Xi Jinping attended the summit along with Brazilian President Dilma Rousseff, Russian President Vladimir Putin, Indian Prime Minister Narendra Modi and South African President Jacob Zuma.