[EnvellFen]

Of course, the Jewish Washington Post barely mentioned the most important reason the meeting took place, and that's in the end were most probably didn't read it - setting up a BANK and inter-trade in local currency instead of US dollar.

BRICS Renew Challenge to U.S. Dollar Hegemony

he statist rulers of the so-called “BRICS” countries — Brazil, Russia, India, China, and South Africa — have been subtly calling for an end to the U.S. dollar’s status as the world reserve currency for years. Now, they are making more moves to turn that rhetoric into reality, proposing a jointly controlled “development” bank and working to sideline America’s already-troubled Federal Reserve Notes in trade by relying more heavily on their own fiat currencies.

The overarching theme of this year’s gathering in New Delhi was “BRICS Partnership for Global Stability, Security and Prosperity,” according to a declaration issued after the summit. And despite being filled with fluff, the final statement adopted by leaders of the respective regimes dealt with a wide range of topics. Overall, the five rulers called for increasing centralization of power at the international level on almost every issue.

Among the most important topics were discussions on currencies and reform of the international monetary system and the global financial regime. The five rulers called for an “improved international monetary and financial architecture,” as well as “the establishment and improvement of a just international monetary system.”

While the widely touted BRICS bank failed to materialize at the 2012 meeting, the final declaration noted that the nations’ “Finance Ministers” had been tasked to study the possibility and report back before next year’s summit. But significant progress was made on expanding the role of the nations’ own currencies in intra-BRICS trade.

“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,” the declaration explained. As The New American reported last year, increasing the role of their own currencies — at the expense of the U.S. dollar — has been at the top of the coalition’s agenda almost from the beginning.

http://www.thenewamerican.com/econom...ollar-hegemony
BRICS Sign Pacts on Local Currency, Joint Bank

The BRICS countries Thursday signed two pacts on trade in their local currencies and agreed to set up a joint working group to study a development bank aimed at promoting economy in emerging and developing countries.

The agreement was signed as Indian Prime Minister Manmohan Singh, Chinese President Hu Jintao, Russian President Dmitry Medvedev, Brazilian President Dilma Rousseff and South African President Jacob Zuma concluded the Fourth BRICS Summit in the Indian national capital.

A master agreement on extending credit facilities in the local currencies of the five countries and a BRICS multilateral letter of credit confirmation facility agreement were signed in the presence of the leaders of the BRICS countries at the Taj Palace Hotel.

The participating banks include the Export Import Bank of India, Banco Nacional de Desenvolimento Economico e Social (BNDES) of Brazil, State Corporation Bank for Development and Foreign Economic Affairs of Russia, China Development Bank and Development Bank of South Africa.

The master agreement would reduce dependence on hard and fully convertible currencies like the U.S. dollar and Japanese yen for transactions among BRICS nations and would help reduce transaction costs of intra-BRICS trade.

The confirmation facility pact envisages confirmation of lines of credit on receipt of a request from the exporter, the exporter' s bank or the importer's bank. It could promote intra-BRICS trade.

http://english.cri.cn/6966/2012/03/29/2724s690114.htm