Leaders of the BRICS group of emerging powers meet Tuesday to launch a new development bank and a reserve fund seen as counterweights to Western-led financial institutions.
The summit will mark the first face-to-face meeting between
For Russian President
"Together we should think about a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by
The summit comes as the economies of some BRICS countries, which together represent 40 percent of the world population and a fifth of the global economy, are cooling down.
The five emerging nations unveiled in 2013 their plans to create the bank, which aims to rival the
The creation of the bank will give a backbone to the BRICS, which is not a formal international organization, said Marcos Troyjo, Brazilian director of BRICLab research center at
"They are only taking their first steps towards a platform for building consensus on international agenda items such as rules for international trade, joint action at the UN or the WTO," he told AFP, referring to the
The bank will have initial capital of
The bank is "key to foster growth for the BRICS countries," Brazilian Industry and Commerce Minister
For the fund,
Despite their agreement on the need for a bank, the five countries are split on where it should be headquartered.
The five nations are also negotiating who should hold the bank's rotating presidency first and the make-up of the board.
The talks in
After the BRICS meet with South American presidents in
Xi will then travel to
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