BRICS must have larger say in global fiscal issues: Diplomats

MUMBAI: The BRICS countries should get a larger say in the global financial architecture and also step up trade cooperation for faster economic development, top diplomats from the five-member grouping said today.

"Increasing representation of the emerging economies is essential in the global financial architecture and the BRICS should work towards that," South African Consul General in Mumbai Pule Issac Malefane told an event organised by the industry body All India Association of Industries here.

The African continent would contribute to the growth of global GDP in a big way in the near future, he said.

Other diplomats also said the grouping should set up a BRICS Bank to increase trade flow among themselves.

"The recent BRICS summit in New Delhi had discussed the issue of setting up of BRICS Bank. It should be expedited for increasing trade among us," Brazilian Consul General Josal Luiz Pellegrino said.

He said efforts should be taken to facilitate trade among member-countries in their domestic currencies.

Joining Pellegrino, Russian Deputy Consul General Alexey Mzareulov said the members should aggressively push trade among themselves.

BRICS, consisting of Brazil, Russia, India, China and South Africa, contributes around 25 per cent of the global GDP and its members are among the fastest-growing economies in the world.