Beijing, Oct. 2 (PTI): A development bank for emerging economies’ grouping Brics — an acronym for its members Brazil, Russia, India, China and South Africa — has received the backing of five eminent think-tanks of the member countries.
Liu Youfa, deputy director of the China Institute of International Studies, said, “At the previous forum before the Brics summit meeting in March, we were still discussing whether to create this bank, but now we are talking about how to create this bank.
“The consensus was reached among experts from the think-tanks from five emerging world economic powers during the two-day forum held this week at Chongqing city in China,” Chinese state run Xinhua news agency reported today.
The 2012 Brics Think-Tanks Forum is a follow-up to the understanding reached at the Brics leaders summit in New Delhi in March to consider the possibility of creating a new development bank.
It was decided at the summit to convene expert meetings to explore the possibility.
Being the first think-tank forum of its kind, briefed to advise governments of each Brics country, experts at the event said their agreement on the necessity and practicality of creating the bank would be presented to officials for further action.
H.H.S. Viswanathan, a fellow of India’s Observer Research Foundation, who took part in the forum, said no report was worked out at the meeting.
But, he said, the discussion would surely be included in the report of the next forum, set to take place in South Africa before the next Brics summit to be held there in 2013. India expects to see the bank established as soon as possible, he was quoted by Xinhua as saying.
Although no timetable was set, a road map has become clear after this week’s forum, and all five sides are clear what to do next that is to figure out the form of organisation for the bank, equity shares, head office and other issues, he said.
Liu Youfa said think tanks were a preliminary step in government policy-making and the influence of their ideas in part depended on their feasibility and thoroughness.