BRICS summit yielded tangible fruits: Wang Yi, Chinese Foreign Minister

BEIJING: The just concluded BRICS summit in Durban has yielded "tangible fruits" and brought about unity among major emerging economies and injected fresh impetus into the development of the cooperation mechanism, Chinese Foreign Minister Wang Yi said today.

"The summit has yielded tangible fruits which were included in the Durban Declaration and its Action Plan," he said, adding that it also resulted signing of a number of cooperation agreements.

During the summit, the leaders agreed to set up a BRICS Development Bank, a Contingent Reserve Arrangement (CRA), a Business Council and a think-tank council.

They also reached broad consensus on jointly dealing with major global and regional issues, reforming the international monetary and financial systems, and promoting the cause of the global development.

Wang, who took over as the Chinese Foreign Minister, this month succeeding Yang Jiechi said the summit's achievements have sent out a message that the BRICS countries are committed to solidarity, cooperation and win-win results.

Yang was promoted as State Councillor, succeeding Chinese top diplomat Dai Bingguo.

Chinese President Xi Jinping attended the summit along with Prime Minister Manmohan Singh, which brought together leaders of Brazil, Russia, India, China and South Africa (BRICS). It also formed part of Xi's first overseas trip since assuming the presidency earlier this month.

Xi's proposals to deepen cooperation among the BRICS countries on an integrated market for trade and investment, financial and monetary affairs, transportation links, and cultural and people-to-people exchanges, won appreciation and positive responses from other BRICS leaders,, outlining the direction of future BRICS from a strategic perspective, Wang said.

Xi called on the BRICS countries to coordinate their macroeconomic policies and to jointly participate in setting the international development agenda, Wang was quoted as saying by state run Xinhua news agency.

The next BRICS summit will be held in Brazil in 2014.