Brazilian Deputy Foreign Minister Roberto Jaguaribe said the summit of BRIC (Brazil, Russia, India, China) leaders scheduled for June 16 in the Russian city of Yekaterinburg will help strengthen cooperation in tackling the global financial crisis.

In a recent interview with Xinhua, Jaguaribe said as BRIC refers to four of the world's fast growing economies, economy and finance would very likely be the focus at the first meeting of the BRIC leaders, apart from strengthening the framework for cooperation.

Jaguaribe said discussions would likely be held on decisions taken at the G20 and G8+5 summits, the right of emerging countries to have a say in international affairs, and some countries' suggestion on an international reserve currency.

He said the participants would also discuss mid- to long-term plans on other matters, although no decisions may be taken.

Jaguaribe said the suggestion of using local currency instead of the US dollar to settle accounts in bilateral trade, made when Brazilian President Luiz Inacio Lula da Silva visited China in May, would be discussed at meetings of finance ministers and central bank governors.

Jaguaribe said the BRIC was also interested in expanding bilateral trade.

He said trade protectionism was not the solution to the financial crisis. Most countries try to avoid it, including Brazil and China whose leaders have vowed to enhance bilateral exchange and cooperation.

He said Brazil had stated at the G20 summit in London that the financial crisis was due to the lack of a proper control mechanism in the world's main economies, especially in the United States.

"Brazil insists that a proper standard should be introduced to control international financial markets," Jaguaribe said.

Jaguaribe said it was difficult to say whether such a stance would be mentioned in the statement issued at the end of the BRIC meeting, which would be a document focused on essential matters, including the economy and finance.

He said Brazil may also hold meetings on the sidlines of the summit with other parties, especially with China as President Lula may use the opportunity to further consolidate Sino-Brazilian ties and enhance cooperation following his "very successful visit" to China.

(Xinhua News Agency June 13, 2009)