BRICS heads of state and government meeting was held back-to-back to the G20 Leaders’ Summit in Brisbane

Traditional BRICS heads of state and government meeting was held back-to-back to the G20 Leaders’ Summit. At the event the BRICS Leaders asked their Finance Ministers and Central Bank Governors to designate the President and the Vice-Presidents of the New Development Bank (NDB) before the next BRICS summit to be held in Ufa on July 8-9, 2015. Setting up of an Interim Board of Directors that will lead the next phase of establishing the NDB was also announced. The BRICS Leaders asked their Finance Ministers and Central Bank Governors to ensure that, by Ufa Summit, the Contingent Reserve Arrangement (CRA) Working Group concludes the procedural rules and operational guidelines of the Governing Council and the Standing Committee of the CRA. In conclusion, they reaffirmed their commitment to reinforce full-fledged intra-BRICS cooperation, in the spirit of openness and inclusiveness particularly in the economic and financial domains and look forward to the formulation of a long-term economic cooperation framework to forge closer BRICS partnership.