BRICS credit: Local currencies to replace dollar

By Sarwar Kashani, IANS,

Sanya (China) : Brazil, Russia, India, China and South Africa Thursday refrained from calling for an end to air strikes on Libya, while denouncing the use of force to end turmoil in the Arab world.


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Expressing deep concern over the mass unrest in Middle East, the North African and West African regions, the leaders of the world’s fastest growing economies said in a statement that “the use of force should be avoided.

“We maintain that the independence, sovereignty, unity and territorial integrity of each nation should be respected,” the BRICS grouping said.

China, Russia, India and Brazil have earlier condemned the US-led air strikes on Libyan forces to end Muammar Gaddafi’s 41-year rule.

South Africa, a new entrant to the grouping, was the only BRICS country that approved a UN Security Council resolution establishing a no-fly zone over Libya, leading to NATO air strikes in the North African country.

But South African President Jacob Zuma called for a halt to the NATO campaign when he toured Tripoli Sunday.

“We are deeply concerned with the turbulence … and sincerely wish the countries affected achieve peace, stability, prosperity and progress and enjoy their due standing and dignity in the world, according to the legitimate aspirations of their peoples,” the joint statement said.

But the five countries didn’t specifically call for an end to NATO strikes and expressed their “wish to continue our cooperation in the UN Security Council on Libya”.

“We are of the view that all the parties should resolve their differences through peaceful means and dialogue in which the UN and regional organizations should as appropriate play their role.”

The statement said they supported the African Union’s mediating initiative to end hostilities in Libya.

The five countries of the BRICS block represent over 40 percent of the world’s population, and their combined GDP accounted for nearly 20 percent of the globe.

The five countries coincidentally are now members of the UN Security Council with China and Russia being permanent and other three countries, including India, non-permanent members.

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