BRICS leaders to approve declaration on North Africa, Mideast situation

"The affiliation of the leading African country to the union of states from Europe, Asia and Latin America, will enhance the global nature of BRICS," the Kremlin said. "BRICS accounts for nearly half of the world's residents and over a fourth of the world GDP."

The third summit of the rapidly developing states will be held under the motto of broad vision and joint prosperity. Traditionally, the leaders will have a chance to exchange opinions in the narrow and broad formats.

"The leaders will discuss the draft final declaration, which will assess main aspects of BRICS cooperation," Russian Presidential Aide Sergei Prikhodko said. It is also planned to sign a framework agreement on financial cooperation. Vnesheconombank will represent Russia in that agreement.

"BRICS is an informal union, which makes it efficient," Prikhodko said. "The summit agenda suggested by the host includes global affairs and practical aspects of BRICS cooperation."

The leaders may make important decisions concerning the further reform of the international currency and financial system and lesser volatility of raw material prices. "Therefore BRICS member states may make a weighty contribution to the preparations for the G-20 summit due in Cannes in November 2011," Prikhodko said; Kazinform cites Itar-Tass.

See www.itar-tass.com for full version.