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BRICS gathers the world's five major

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BEIJING, Oct. 16 (Xinhua) -- The eighth BRICS summit is being held in India's Goa, a month after the Group of 20 (G20) Hangzhou summit. It is widely expected that the G20 consensus would boost BRICS' participation in global economic governance.


During the G20 summit in China's Hangzhou, Chinese President Xi Jinping urged BRICS countries -- Brazil, Russia, India, China and South Africa -- to make joint efforts to improve global governance while attending a BRICS leaders' meeting on the sidelines of the G20 summit.

The top Chinese leader called on BRICS members to promote the reform of the governance structure of the International Monetary Fund (IMF) and the World Bank, with an aim to boost the representativeness and say of emerging markets and developing countries.

At the BRICS meeting in Hangzhou, leaders agreed on the prospects and momentum of their economies and the fact that they will continue to be strong engines of the world economy.

The countries are committed to promoting emerging economies and developing countries to play a bigger role in international affairs and global governance, which will contribute to building a robust and more balanced global economy, said the statement after the BRICS meeting.

BRICS leaders said that the IMF quotas fail to reflect current global economic realities, urging G20 members to step up efforts with the IMF to increase quota resources and review the distribution of quotas and votes to ensure a fair reflection of emerging and developing economies.

They called for the completion of the 15th general review of quotas and the creation of a new quota formula before the 2017 IMF annual meeting.

""Despite skepticism, the BRICS were able to put pressure on the IMF and the World Bank to increase the voting share in these global institutions,"" Srikanth Kondapalli, professor in Chinese Studies at India's Jawaharlal Nehru University, said during an interview with Xinhua.

BRICS gathers the world's five major emerging economies, which represent nearly 3 billion people or about 40 percent of the global population, with four of its members (excluding South Africa) among the world's top 10 most populous nations.

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