Highlights of Fourth BRICS Summit

New Delhi: Key outcomes of the Fourth BRICS Summit as reflected in the Delhi Declaration: 1) Global governance reforms: BRICS leaders pitch for reform of global governance institutions, including the UN, the International Monetary Fund (IMF) and the World Bank. 2)Global economic recovery: BRICS leaders support closer coordination for balanced and sustained global economic recovery. 3)Development Banks of BRICS countries sign two pacts for boosting intra-BRICS trade. BRICS to set up Exchange Alliance, a joint initiative by related BRICS securities exchanges. 4)Development Bank: Leaders agree to explore the setting up of a BRICS-led South-South Development Bank. It will promote mutual investment and fund infrastructure projects in BRICS and developing countries. 5) IMF quota reforms: Pitch for greater representation of developing countries and emerging economies in the IMF by speeding up quota reforms. 6) Back a "merit-based selection-process" for the heads of the IMF and the World Bank, posts reserved customarily for a European and an American respectively. 7) Iran: Cautions the West against allowing the Iranian situation to escalate into conflict. Backs dialogue to resolve the Iranian nuclear impasse. 8) Syria: Backs a Syria-led democratic transition. BRICS voices "deep concern" over Syria and calls for "an immediate end to all violence and violations of human rights" and backs a Syrian-led political process. 9) Backs speedier resolution of the Arab-Israeli conflict and the creation of an independent Palestine co-existing with Israel. 10) Step up joint efforts for successful conclusion of the Doha Round of multilateral trade negotiations. 11) Jointly help in the development and resurgence of Africa. 12) Backs green economy and agree to closer coordination on global climate change negotiations 13) Adopts an all-encompassing action plan that includes, among other things, meetings of foreign ministers on sidelines of the UN and meetings of Finance Ministers and Central Bank Governors on sidelines of G20 meetings/other multilateral meetings. 14) Identify new areas of cooperation that includes multilateral energy cooperation within BRICS framework, a general academic evaluation and future long-term strategy for BRICS; BRICS Youth Policy Dialogue; and Cooperation in Population related issues.