Press Release

29 March 2012

President Zuma concludes a successful Working Visit to the Republic of India

President Jacob Zuma has concluded a successful Working Visit to New Delhi, Republic of India, for the 4th BRICS Summit, which took place from 28 to 29 March 2012 under the theme: ""BRICS Partnership for Global Stability, Security and Prosperity".

BRICS is a platform for dialogue and cooperation amongst countries that represent 43% of the world’s population, for the promotion of peace, security and development in a multi-polar, inter-dependent and increasingly complex, globalizing world.

The BRICS Leaders said in the Delhi Declaration: "We envision a future marked by global peace, economic and social progress and enlightened scientific temper. We stand ready to work with others, developed and developing countries together, on the basis of universally recognized norms of international law and multilateral decision making, to deal with the challenges and the opportunities before the world today.

The Leaders further said: "We have considered the possibility of setting up a new Development Bank for mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging economies and developing countries, to supplement the existing efforts of multilateral and regional financial institutions for global growth and development. We direct our Finance Ministers to examine the feasibility and viability of such an initiative, set up a joint working group for further study, and report back to us by the next Summit."

Furthermore, the Leaders said: "We agree to build upon our synergies and to work together to intensify trade and investment flows among our countries to advance our respective industrial development and employment objectives. We welcome the conclusion of the Master Agreement on Extending Credit Facility in Local Currency under BRICS Interbank Cooperation Mechanism and the Multilateral Letter of Credit Confirmation Facility Agreement between our EXIM/Development Banks. We believe that these Agreements will serve as useful enabling instruments for enhancing intra-BRICS trade in coming years."

President Zuma said at the conclusion of the visit: "The Delhi Declaration and Action Plan mark an important step in the consolidation of the BRICS as a formidable formation of emerging economies. Moreover, the agreements reached here in New Delhi, and the smooth manner in which they were reached, indicate cohesion within the BRICS formation."

President Zuma was accompanied at the Summit by a high-level delegation comprising the Ministers of International Relations and Cooperation (Ms Maite Nkoana-Mashabane), Trade and Industry (Dr Rob Davies), Treasury (Mr Pravin Gordhan), Economic Development (Mr Ebrahim Patel) and Communications (Ms Dina Pule), the Deputy Minister of Human Settlements (Ms Zoliswa Kota-Fredericks), as well as a business delegation and senior government officials.

Enquiries: Clayson Monyela on 082 884 5974

Issued by: Department of International Relations and Cooperation
460 Soutpansberg Road
Rietondale
Pretoria

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