BRICS summit a success: Chinese media

countries — Brazil, Russia, India, China and South Africa — at their meeting achieved positive results in the fields of pushing forward global governance, promoting world stability and strengthening cooperation among member countries, state-run Xinhua news agency said in its commentary.
China’s Assistant Foreign Minister Ma Zhaoxu, who attended the meeting, said the event was met with “full success”.
“This summit has clearly not been a wasted opportunity and has been successful in advancing co-operation, consultation and coordination among the member countries,” the official “China Daily” said in its editorial on the event.
“It has made it clear that they have come together for the benefit of their people and the international community as a whole,” the editorial said.
“They also voiced their united support for a Syrian peace process promoted by international envoy Kofi Annan and warned of the ‘disastrous consequences’ of allowing the Iran nuclear issue to escalate into conflict,” it said. It is good to see the group showing solidarity on issues of global significance, it said. “By speaking with one voice, they can better defend their own interests and those of the developing world at large and promote fairer global governance.”
“The influence of the BRICS is on the rise. They are becoming confident enough to have a clear-cut stand on global and regional affairs and call for more power of discourse in international institutions,” Zhang Haibin, a specialist in international organisations at Peking University, said.
“As an international group, BRICS is exploring its own ways to solve problems that are challenging the whole world such as regional conflicts, the economic crisis, terrorism and climate change,” he told state-run the Global Times. Chi Fulin, President of the China Institute for Reform and Development, said that providing a line of credit by the BRICS is “a substantial step to strengthen the bloc’s economic integration and vital for the establishment of a joint bank.”
“The benefit of a BRICS bank will go beyond BRICS to other developing countries,” Chi said.
The President of China State Development Bank, Chen Yuan who signed a master agreement on extending credit facilities in the local currencies of the five countries and a BRICS multilateral letter of credit confirmation facility on behalf of China, said the two agreements are one of the important results of the summit.
They have deep and far significant meaning for further deepening financial cooperation among BRICS countries, he said. Analysts say that the cooperative mechanism of BRICS countries is beginning to transform from the model of establishing big framework and general direction to methods of implementing substantial cooperative projects in concrete fields, Xinhua said. This reflects the characteristic of stability and practicality of the mechanism, it said, adding the deepening of financial cooperation among BRICS countries is also helpful to the construction of a more balanced and comprehensive system of global trade, currencies and pricing of commodities, thus exerting deep influence on the global economy. — PTI.