The BRICS nations have called for a global economic architecture reflective of the present landscape giving more representation to the emerging markets and developing countries.

The declaration adopted at the ninth BRICS summit here emphasised the importance of an open and resilient financial system for sustainable growth and development.

“We resolve to foster a global economic governance architecture that is more effective and reflective of the current global economic landscape, increasing the voice and representation of emerging markets and developing economies,” it said.

The BRICS reaffirmed their commitment to conclude the International Monetary Fund’s (IMF) 15th General Review of Quotas, including a new quota formula, by the 2019 Spring Meetings and no later than the 2019 annual meetings.

“We will continue to promote the implementation of the World Bank Group Shareholding Review.”

The countries agreed to better leverage the benefits of capital flows and manage the risks stemming from excessive cross-border capital flows and fluctuation.

The declaration said the BRICS Contingent Reserve Arrangement (CRA) represents a milestone of the bloc’s financial cooperation and development, which also contributes to global financial stability.

“We welcome the establishment of the CRA System of Exchange in Macroeconomic Information (SEMI), and the agreement to further strengthen the research capability of the CRA, and to promote closer cooperation between the IMF and the CRA.

The declaration welcomed the establishment of the New Development Bank (NDB) Africa Regional Centre launched in South Africa, which is the first regional office of the Bank.

“We encourage the NDB to fully leverage its role and enhance cooperation with multilateral development institutions, including the World Bank and the Asian Infrastructure Investment Bank, as well as with the BRICS Business Council, to forge synergy in mobilising resources and promote infrastructure construction and sustainable development of BRICS countries.”

Prime Minister Narendra Modi, in his intervention at the plenary session of the summit, said that the central banks of the five BRICS countries – Brazil, Russia, India, China and South Africa – must further strengthen their capabilities and promote cooperation between the CRA and the IMF.

Modi said the NDB has started disbursing loans in pursuit of its mandate to mobilise resources for infrastructure and sustainable development in BRICS countries.

“At the same time, our central banks have taken steps to make the CRA fully operational. These are milestones of progress we can build upon,” he said.

Modi also said that affordable, reliable and sustainable access to energy is crucial for the development of the emerging markets.