Highlights of fourth BRICS Summit

Representatives of the BRICS – Brazil, Russia, India, China and South Africa nations met on Thursday at the fourth BRICS Summit held in New Delhi. Here are the key outcomes of the Fourth BRICS Summit as reflected in the Delhi Declaration:

1) Iran: Cautions the West against allowing the Iranian situation to escalate into conflict. Backs dialogue to resolve the Iranian nuclear impasse.

2) Development Bank: Leaders agree to explore the setting up of a BRICS-led South-South Development Bank. It will promote mutual investment and fund infrastructure projects in BRICS and developing countries.

3) Development Banks of BRICS countries sign two pacts for boosting intra-BRICS trade. BRICS to set up Exchange Alliance, a joint initiative by related BRICS securities exchanges.

4) IMF quota reforms: Pitch for greater representation of developing countries and emerging economies in the IMF by speeding up quota reforms.

5) Back a "merit-based selection-process" for the heads of the IMF and the World Bank, posts reserved customarily for a European and an American respectively.

6) Syria: Backs a Syria-led democratic transition. BRICS voices "deep concern" over Syria and calls for "an immediate end to all violence and violations of human rights" and backs a Syrian-led political process.

7) Global governance reforms: BRICS leaders pitch for reform of global governance institutions, including the UN, the International Monetary Fund (IMF) and the World Bank.

8) Global economic recovery: BRICS leaders support closer coordination for balanced and sustained global economic recovery.

9) Adopts an all-encompassing action plan that includes, among other things, meetings of foreign ministers on sidelines of the UN and meetings of Finance Ministers and Central Bank Governors on sidelines of G20 meetings/other multilateral meetings.

10) Backs speedier resolution of the Arab-Israeli conflict and the creation of an independent Palestine co-existing with Israel.