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Medvedev Praises BRIC Format

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Medvedev Praises BRIC Format


Russian President Dmitry Medvedev said on Thursday the BRIC group uniting Brazil, Russia, India and China has developed into “a full-fledged mechanism both for coordinated effort and concrete decision-making”, reports ITAR-TASS.

“We shall continue to coordinate our work and I am sure the results we achieved today will be implemented,” Medvedev said after the BRIC summit, which he described as “very interesting and productive”.

“Negotiations confirmed that our relations are developing along all guidelines,” he added.

The president said the leaders discussed economic recovery after the financial crisis and the creation of a more fair and democratic world system.

“The adopted joint statement reflects our common approaches to the problems. We discussed how to counter other global challenges, such as terrorism, organized crime, and drug trafficking,” Medvedev said.

Chinese President Hu Jintao said BRIC leaders have agreed that China will host their next summit.

Russian Vnesheconombank, China Development Bank, Brazilian National Bank of Social and Economic Development, and the Export-Import Bank of India signed a seven-page memorandum on the sidelines of the summit that envisages the creation of a common interbank system to finance high-tech, innovation and energy saving projects.

The memorandum is the first practical BRIC document that promotes efficient financial provision of trade, economic and investment cooperation of the four countries.

The Memorandum says its aims are “to create mechanisms to promote all-round long-term cooperation between the parties in order to simplify and support trans-border transactions and joint projects, to enhance trade and economic relations among BRIC businessmen, create instruments to provide financial and banking services to investment projects in the sphere of interests of the parties, and consider the possibility of creating a common interbank system to achieve the mentioned aims.”

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