The 4th BRICS Summit was attended by President Dilma Rousseff of the Federative Republic of Brazil, President Dimitry Medvedev of the Russian Federation, Prime Minister Manmohan Singh of the Republic of India, President Hu Jintao of the People's Republic of China, and President Jacob Zuma of the Republic of South Africa.
In the Delhi Declaration issued at the conclusion of the Summit, leaders of the BRICS countries that represent 43% of the world's population, committed to "work with the international community to ensure international policy coordination to maintain macroeconomic stability conducive to the healthy recovery of the global economy."
Recognizing the importance of the global financial architecture in maintaining the stability and integrity of the global monetary and financial system, BRICS leaders called for a "more representative international financial architecture" and a "just international monetary system that can serve the interests of all countries and support the development of emerging and developing economies."
Focussing on the IMF, the leaders expressed concern over the slow pace of quota and governance reforms and saw urgent need to implement agreed reform measures necessary to ensure the "legitimacy and effectiveness" of the Fund. The leaders also called on the IMF to make is surveillance framework "more integrated and even-handed."
On the World Bank, the BRICS leaders stressed that heads of IMF and World Bank should be selected "through an open and merit-based process," and that new World Bank leadership "must commit to transform the Bank into a multilateral institution that truly reflects the vision of all its members," as well as "the governance structure that reflects current economic and political reality."
Expressing concern over the faltering global recovery, the challenges of sustainable development and climate change, and the developing political scenario in the Middle East and North Africa, BRICS leaders stated: "Accelerating growth and sustainable development, along with food, and energy security, are amongst the most important challenges facing the world today, and central to addressing economic development, eradicating poverty, combating hunger and malnutrition in many developing countries. Creating jobs needed to improve people's living standards worldwide is critical."
BRICS leaders agreed to continue their efforts for successful conclusion of the Doha Round, "based on the progress made and in keeping with its mandate." The leaders said they will work to achieve positive results at the June G20 Summit in Mexico to ensure "strong, sustainable and balanced growth."
In the Delhi Declaration issued at the end of the Summit, BRICS leaders stated: "Considering UNCTAD to be the focal point in the UN system for the treatment of trade and development issues, we intend to invest in improving its traditional activities of consensus-building, technical cooperation and research on issues of economic development and trade. We reiterate our willingness to actively contribute to the achievement of a successful UNCTAD XIII, in April 2012."
The 5th BRICS Summit will be held in South Africa in 2013.