BRICS leaders assume G20 states should implement national growth strategies

ANTALYA, November 15. /TASS/. BRICS leaders assume that G20 countries should focus on implementing national growth strategies, according to the statement published after the informal meeting of the leaders of the BRICS states on the sidelines of the G20 summit in Antalya. The statement said that global economy is still at risk as the goal of raising it to sustainable growth hasn’t been reached yet. The BRICS leaders noted the importance of boosting coordination and cooperation in the field of macroeconomic policy between the G20 participants in order to prevent negative side effects and reach firm, sustainable and balanced growth. According to the statement, the leaders agreed that on the basis of the already reached progress all members of the Group of 20 should be focusing on implementation of their respective national growth strategies. They also stressed their intention to continue work for further contribution to faster and more sustainable recovery of the global economy and reduction of potential risks. The BRICS countries said that geopolitical challenges, including politicized economic relations and introduction of unilateral economic sanctions, continue causing damage to prospects of economic growth. The leaders also expressed disappointment over lack of progress in modernization of international financial institutions, including agreements on reforming the International Monetary Fund /IMF/ in the field of redistribution of quotas for the benefit of developing countries and emerging markets. According to the statement, adoption of the IMF reforms in 2010 is still top priority in the field of providing confidence to the fund, its legitimacy and efficiency. The BRICS leaders have once again called for the United States to ratify the decision on those reforms within the shortest period of time. The leaders of the BRICS states also expressed their readiness to support China in its upcoming presidency in the Group of 20 in the field of strengthening its leading role in the forum regarding responses to global financial and economic challenges. They also called for G20 member-states to strengthen macroeconomic cooperation, contribute to innovation and enhance trade and investments. Read more