BRICS' report issued at New Delhi summit

NEW DELHI - A BRICS' report, focusing on the growth prospects, synergies and complementarities among the five large emerging economies, has been issued Thursday here as one of the outcomes of the fourth BRICS Summit.

The report is a forward-looking document that seeks to reinforce and strengthen the position of BRICS, consisting of Brazil, Russia, India, China and South Africa, in the global economy.

Despite their cultural and geographical diversity, the five countries are expected to play a major role as growth drivers of the world economy, said the report, adding "the emphasis is on best practices, areas of co-operation, and strengthening economic links so that BRICS could collectively play a more central role in the 'new normal' of the post-crisis global economy."

The report suggested that it be proper time for the five countries to forge closer links, as the world economy is in a state of flux and a rebalancing is asking place towards the emerging economies."Their pivotal position in the global recovery has already catapulted the BRICS into a leadership role, which needs further cementing through greater interface among economies."

The BRICS countries accounted for more than 40 percent of the global population and a share in world GDP that has increased from 16 percent in 2000 to around 25 percent in 2010.

The report, which is a study supported by the Ministries of Finance and the Central Banks of the BRICS countries, is divided into five chapters.

The fourth BRICS Summit was held in New Delhi on March 28-29, under the theme of BRICS countries' commitment to the partnership of stability, security and prosperity. Leaders of the five countries attended the meeting and issued a joint declaration before the ending of the summit.