They also called for a peaceful resolution of the conflict in syria and recognized iran’s right to a peaceful nuclear program.
The heads of state and government of the brics countries also expressed their concern about the crisis in the euro zone and the tense situation of the global economy on thursday in the indian capital. The joint development bank is intended to support projects in the brics countries and other emerging markets that are not supported by the international monetary fund (IMF) and the world bank. "We have instructed the finance ministers to assess the feasibility of this proposal by the next summit (in a year)," said indian prime minister manmohan singh.
In addition, agreements were signed to facilitate trade within the brics network. This includes the simplification of lending in the respective national sovereigns by the national development banks. According to experts, the agreement could more than double the volume of trade between the five countries to about 500 billion dollars (375 billion euros) by 2015.
The brics countries account for about 22 percent of the world economy, according to the ministry of agriculture in new delhi. With around three billion people, they also account for more than 40 percent of the world’s population. It is the fourth summit of the alliance.
Russia president dmitry medvedev praised the agreements as important steps to make "brics a strong and powerful organization. Chinese leader hu jintao said that in addition to cooperation on economic, trade and financial issues, the brics countries also needed to further deepen "political trust" among themselves.
The heads of state and government were unanimous in their assessment of the conflict in syria and the nuclear dispute with iran. "A lasting solution to the problems (…) can only be found in dialogue," premier singh said. The five states spoke out against violent intervention in syria. At the same time, they called on the government and opposition to end violence and hold talks. Brics support peace efforts by arab league and new un special envoy kofi annan.
The summit’s final declaration on iran was even clearer. The country has a right to the peaceful use of nuclear energy, it says. It also plays an important role in the peaceful development of the entire region. The possible escalation of the nuclear conflict, on the other hand, had "catastrophic consequences".
On the fringes of the summit, tibetans in exile protested against the chinese occupation of tibet. On monday, at a rally against president hu’s visit to new delhi, a 27-year-old exiled tibetan rounded on himself. Two days later, he died of his serious injuries.