Leaders of the BRIC countries, (Brazil, Russia, India & China) including Chinese President Hu Jintao, met in Yekaterinburg in central Russia on Tuesday to discuss global financial crisis and economic issues.
At the meeting, the leaders discussed issues including the current economic slowdown, restructuring of the financial system, energy security, climate change and trade.
Unconfirmed reports that the BRIC countries have been building up financial reserves preparatory to replacing the $US as a global currency, have been denied.
Territories of the BRIC nations account for 26 percent of the land of the earth, and their population account for 42 percent of the world's total. China and India have Labour resources, while Russia and India have Material resources.
According to the IMF, the four nations registered an average growth rate of 10.7 percent from 2006 to 2008.
Economic and trade cooperation between China and Russia has seen rapid growth in recent years. The annual bilateral trade volume has increased from several billion U.S. dollars in the 1990s to 56.83 billion dollars in 2008.
One of the key fields of Sino-Russian economic cooperation, the energy sector, has also recently seen major breakthroughs. Under a loan-for-oil deal signed in February, China would offer Russian firms a long-term loan of 25 billion dollars, while Russia would supply a total of 300 million tons of crude to China from 2011 to 2030.
