PHOTOS: AFP
The joint BRICS bank may emerge as an alternative to the World Bank or the European Bank for Reconstruction and Development and could hasten the reordering of the global financial management system.
22 INDIA PERSPECTIVES
MAY 2012
Contesting the West’s narrative, the five countries warned the West against allowing the Iran situation to escalate into a conflict and said dialogue was the only way to resolve the Iranian and Syria issues. “The situation concerning Iran cannot be allowed to escalate into conflict, the disastrous consequences of which will be in no one’s interest,” said the declaration. The declaration saw the leaders voicing “deep concern” over Syria as they called for “an immediate end to all violence and violations of human rights in that country”, backing a Syrian-led inclusive political process. Amid differing perceptions, India played a crucial role in shaping the collective stance of the BRICS countries on the need for dialogue to resolve the festering crisis in West Asia, home to over six million Indians, and to push continued regional and international cooperation in stabilising Afghanistan. BRICS leaders took a long-range view and affirmed