MercoPress. South Atlantic News Agency

Libya and global financial system reform in BRICS’ international agenda

South Africa’s Jacob Zuma, the only BRICS member to vote for a no-fly zone over Libya

Leaders of the world's major emerging powers will meet again Thursday in China to tackle the conflict in Libya, reform of the international financial system and look at how developing nations can exercise more clout on the global stage.

The summit of the five-member BRICS bloc -- Brazil, Russia, India, China and South Africa is taking place in Sanya on the southern tropical island of Hainan. Host Chinese President Hu Jintao is chairing the meetings with his South African, Brazilian and Russian counterparts Jacob Zuma, Dilma Rousseff and Dmitry Medvedev, and Indian Prime Minister Manmohan Singh.

Goldman Sachs economist Jim O'Neill first coined the term BRIC in 2001 to describe the growing influence of the world's four largest emerging economies. South Africa was invited to join the group at the end of last year and official becomes a member April 14.

“The BRIC economies are increasingly the major story for the world economy -- they have lifted the world economy's growth trend from 3.7-4.5% in my view,” O'Neill was quoted as saying by the official China Daily newspaper.

Together, the five countries represent more than 40% of the world's population, and their combined GDP accounted for 18% of the global total in 2010, according to the International Monetary Fund (IMF).

South Africa was the only BRICS nation to approve a UN Security Council resolution establishing a no-fly zone over Libya and authorising “all necessary measures” to protect civilians, opening the door to coalition air strikes.

The other four countries have expressed concern that the NATO-led campaign -- which aims to thwart Moamer Kadhafi's assault on rebels seeking to end his 41-year rule -- is causing civilian casualties.

Chinese assistant foreign affairs minister Wu Hailong told reporters at a briefing that the situation in Libya “is a major concern to the BRICS leaders”.