Brics leaders discuss unemployment, global economy

President Jacob Zuma. FILE PIC. Picture: Johann Hattingh.

President Jacob Zuma. FILE PIC. Picture: Johann Hattingh.

Unemployment and ongoing problems and vulnerabilities in the global economy were discussed by Brics leaders on the margins of the G20 summit in Russia on Thursday, the presidency said.

“[We] believe that major economies, including the G20, could do more to boost global demand and market confidence,” said President Jacob Zuma, who chairs Brics — which consists of the Brazil, Russia, India, China, and South Africa group of emerging economies.

The leaders reiterated the concerns they expressed at the Durban Brics summit in March about the unintended negative spill-overs of the unconventional monetary policies of certain developed economies.

“[We] recalled the urgent need to implement the 2010 International Monetary Fund quota and governance reform, as well as to complete the next general quota review by January 2014, as agreed at the G20 Seoul summit in order to ensure the fund’s credibility, legitimacy, and effectiveness,” said Zuma.

Brics looked forward to the ninth World Trade Organisation ministerial conference, to be held in December.

“[We] expect that it will be a stepping stone to the successful and balanced conclusion of the Doha Development Round,” Zuma said.

The leaders also congratulated Russia on successfully hosting the G20 summit, which started on Thursday and runs until Friday.


today in print