BRICs commitments

November 7, 2008, Sao Paulo, Brazil
Jenilee Guebert, Research Co-ordinator, G20 Research Group

2008-1: We committed ourselves to continue to undertake all necessary steps to lessen the impact of the recent turmoil on economic activity, aiming to preserve medium and long-term growth.

2008-2: We support all necessary steps to conclude a pro-development Doha Round and stress the importance of preventing protectionism particularly in face of the current financial turmoil.

2008-3: We urge all countries and the international financial institutions to take necessary measures to minimize the negative impacts of the crisis on low-income countries.

2008-4: We agreed that international bodies should review their structures, rules and instruments in respect of aspects like representation, legitimacy and effectiveness and also to strengthen their capacity in addressing global issues. Reform of the International Monetary Fund and of the World Bank Group should move forward and be guided towards more equitable voice and participation balance between advanced and developing countries.

2008-5: [We agreed that international bodies should review their structures, rules and instruments in respect of aspects like representation, legitimacy and effectiveness and also to strengthen their capacity in addressing global issues.] The Financial Stability Forum must immediately broaden its membership to include a significant representation of emerging economies.

2008-8: We agreed to hold our next meeting in Washington D.C, prior to the IMF and World Bank Spring Meetings. On that occasion we will carry on with our discussions about the global economic outlook, actions taken to overcome present challenges on both the national and international spheres, as well as other relevant issues.

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