ANTALYA, November 15. The BRICS leaders believe that the G20 countries need to focus on the implementation of national growth strategies. This is stated in the statement of the informal meeting of leaders of the BRICS countries on the sidelines of the summit “group of twenty” in Antalya.
The statement noted that the global economy is still at risk, and yet failed to achieve its sustainable growth.
The BRICS leaders noted “the importance of stepping up coordination and cooperation in macroeconomic policy between the members of the “group of twenty” to prevent negative side effects and achieve strong, sustainable and balanced growth.”
“The leaders agreed that on the basis of progress already made by all participants of the group of twenty should focus on the implementation of their respective national growth strategies. They stressed its intention to continue with the rest of the G20 work to further promote more rapid and sustainable recovery of the global economy and reduction of potential risks,” the statement said.
The BRICS countries said that geopolitical challenges, including the politicization of economic relations and the imposition of unilateral economic sanctions that continue to harm the prospects for economic growth.
Leaders have expressed disappointment at the lack of progress in modernising the international financial institutions, including reaching agreement on the reform of the International monetary Fund (IMF) regarding the redistribution of quotas of the Fund in favor of developing countries and countries with emerging markets.
“The adoption of the IMF reforms 2010, remains a critical priority to ensure the Fund’s credibility, legitimacy and effectiveness. The BRICS leaders urge the U.S. to ratify the decision on these reforms in the shortest possible time”, – said in a statement.
The BRICS leaders expressed their readiness to support China during its presidency of the Group of twenty to strengthen the leadership role of this forum in responding to the global financial and economic challenges.
They urged G20 members to strengthen macroeconomic cooperation, promote innovation, increase trade and investment.