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BRIC Countries to Reinforce Coordination amid Financial Crisis

Financial ministers from Brazil, Russia, India and China (BRIC), four of the world's fastest-growing economies, decided Friday to reinforce coordination in their efforts to deal with the international financial crisis.

Brazilian Financial Minister Guido Mantega, after a meeting with his three counterparts, told a press conference that the BRIC countries have shown "a high level" of unity in crisis cause diagnosis and the main measures should be taken.

"We must coordinate more with our actions... in information exchange and actions synchronization," Mantega said.

He said the BRIC countries are more dynamic and the bloc should have stronger influence on the decision-making process in the world financial system.

The BRIC demanded urgent measures "to reset the access to credit in the real economy, to stimulate the demand and give continuity to the capital flows to facilitate sustainable development and the growth," he said.

The four countries also agreed to support all the necessary steps to finish the Doha round talks of the World Trade Organization, Mantega said, noting it is important "to prevent protectionism especially amid the current international turbulence."

Friday's gathering was a prelude for the forthcoming annual meeting of financial ministers and central bank heads from Group of 20 (G20) scheduled for this weekend in Sao Paulo, Brazil, which is holding the rotating presidency of G20.

The G20 consists of 19 top developed and developing countries in the world and the European Union.

Achievements of the Brazilian meeting will be presented to the first G20 Leaders' Summit scheduled for November 15 in the US capital of Washington D.C.

(Xinhua News Agency November 9, 2008)

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