The emerging BRIC (Brazil, Russia, India and China) nations called for greater influence and authority in international financial institutions at the second BRIC summit. The leaders of these countries said voting share reforms at the World Bank to give developing countries more clout should be approved at the International Monetary Fund (IMF) meetings and that these reforms should be completed by a G-20 summit in November.
The BRIC countries also called for a merit-based selection method, regardless of nationality, for top positions in the IMF and World Bank. The group has pushed for the restructuring of global financial institutions since the start of the global financial crisis. It argues that the current organisation is heavily favoured towards Western economies, such as the US and the EU.
In a further sign of co-operation, the BRIC countries' national development banks signed an agreement that will allow them to fund projects in one another's countries. The agreement covers infrastructure, energy, sustainability and technology sectors.
China and Brazil also bolstered ties by signing a five-year action plan aimed at boosting trade and energy co-operation. China became Brazil's top trade partner last year.
