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updated 12:00 PM UTC, Mar 9, 2017

Media Note on the Informal Meeting of the BRICS Leaders on the Margins of the G20 Summit in Antalya

The BRICS Leaders met on the margins of the G20 Summit in Antalya on 1 5November 2015.

The Leaders strongly condemned the abhorrent terror attacks in Paris. Theyexpressed their condolences to the families of the victims and extended their wishes for the speedyrecovery of those injured. They reaffirmed their support for the people and government of Franceand the efforts to bring the perpetrators to justice.

The Leaders recommitted to strengthencooperation among BRICS countries and with other nations in the fight against terrorism.

The Leaders commended Russia for the hosting of a successful Seventh BRICSSummit, contributing further to the enhanced intra-BRICS cooperation and appreciated the good paceof the implementation of the Ufa Action Plan.

The Leaders underlined the importance of strengthening BRICS strategicpartnership guided by the principles of openness, solidarity, equality, mutual understanding,inclusiveness and mutually beneficial cooperation.

The Leaders welcomed the substantive progress made this year in advancing intra-BRICS cooperation. The New Development Bank (NDB) is starting its operating activities and isexpected to launch its inaugural projects in the beginning of 2016. The NDB will enhancecooperation with existing and new financing institutions including Asian Infrastructure InvestmentBank. Furthermore, the BRICS Contingent Reserve Arrangement (CRA) has been established and willcontribute to the stability of the international financial system in view of the increasedvolatility of the world financial and economic situation.

The Leaders instructed relevant agencies of BRICS countries to engage actively inthe implementation of the Strategy for the BRICS Economic Partnership adopted at the Ufa Summit as well as in preparing a draft BRICS Roadmap for Trade, Economic and InvestmentCooperation until 2020.

The Leaders exchanged views on the main topics on the G20 Summit agenda and agreed to pursue issuesof mutual interest to the BRICS countries.

The Leaders agreed that the global economy was still at risk and its recovery was not yetsustainable, which underlines the importance of strengthening macroeconomic policy coordination andcooperation among G20 members to avoid negative spillovers and to achieve strong, sustainable andbalanced growth.  

The Leaders agreed that based on the progress already made, all G20 membersneed to focus on the implementation of their respective national growth strategies. They stressedtheir determination to continue to work together with other G20 members to make continuouscontributions to a more rapid, sustainable recovery of the global economy and towards the reductionof potential risks.

The Leaders noted that geopolitical challenges, including the politicization of economic relationsand the introduction of unilateral economic sanctions, continue to beset future prospects foreconomic growth. They urged the need to ensure that trade and economic blocs are consistent withWTO norms and principles and contribute to strengthening the multilateral trading system. Theydecided to strive to facilitate market inter-linkages and an inclusive, rules-based and open worldeconomy.

The Leaders agreed to continue the exchange and the coordination of positions among the BRICScountries on the G20 agenda to better accommodate interests of emerging market economies anddeveloping countries. In this context, they welcomed the first meeting of the BRICS Working Groupon Anti-Corruption on 1 November 2015, which would also contribute to the work of relevantmultilateral fora including the G20 Anti-Corruption Working Group (ACWG).

The Leaders expressed their deep disappointment at the lack of progress in modernizinginternational financial institutions, especially on the agreements on the reform of theInternational Monetary Fund (IMF). They urged the IMF – incooperation with its membership – to step up efforts in collaboration with the G20to find such solutions that would ultimately make it possible to increase the institution’s quotaresources and review the distribution of quotas and votes in favour of developing countries andemerging market economies. The adoption of the 2010 IMF reforms remains the highest priority forsafeguarding the credibility, legitimacy and effectiveness of the IMF and the Leaders urge theUnited States to ratify these reforms as soon as possible.

The Leaders welcomed the adoption of the 2030 Agenda for SustainableDevelopment at the United Nations Summit held in September 2015 as well as the Addis Ababa ActionAgenda and acknowledged the coordination and cooperation efforts made by the BRICS countries. Theyexpressed their commitment to the implementation of the 2030 Agenda for Sustainable Developmentincluding through strengthening cooperation among BRICS countries in this process and decided towork towards the improvement of the international development cooperation architecture.

The Leaders look forward to a successful outcome at COP 21 in Paris inDecember, and affirm their determination to adopt at the Paris Conference a protocol, another legalinstrument or an agreed outcome with legal force under the UNFCCC that is applicable to allParties. The Paris agreement should be fair, balanced, durable and comprehensive, reflecting theprinciples of equity and common but differentiated responsibilities and respective capabilities, inlight of different national circumstances.The Leaders declared their readiness to support China in its upcoming G20Presidency with a view to enhancing the leading role of the forum in meeting global financial andeconomic challenges. They encourage G20 members to strengthen macroeconomic cooperation, catalyzeinnovation, boost trade andinvestment, lead by example on global development cooperation.

 

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