The leaders of Brazil, Russia, India, China and South Africa vowed to push for more comprehensive cooperation and a closer economic partnership at the close of the sixth Brics summit in Fortaleza, Brazil on Tuesday.
In a statement issued after the summit, the emerging market bloc said it was "ready to explore new areas towards a comprehensive cooperation and a closer economic partnership to facilitate market inter-linkages, financial integration, infrastructure connectivity as well as people-to-people contacts".
Emphasising the importance of establishing a roadmap for intra-Brics economic cooperation, the leaders agreed to advance discussions on proposals for a Brics economic cooperation strategy and framework, with a view to formulating a plan for endorsement by the next summit.
Noting that further macroeconomic coordination among all major economies, particularly in the Group of 20 (G20), was key to a sustainable global economic recovery, the Brics countries pledged to work with the international community to "foster financial stability, support sustainable, stronger and inclusive growth and promote quality jobs".
In a show of openness to increasing engagement with other countries, particularly developing countries and emerging market economies, the leaders said they would hold a joint session with the leaders of South American countries "with a view to furthering cooperation between Brics and South America.
"We reaffirm our support for the South American integration processes ... We believe that strengthened dialogue among Brics and South American countries can play an active role in enhancing multilateralism and international cooperation."
The grouping noted that, while the world was confronted with persistent political instability and conflict in various areas, as well as emerging non-conventional threats, existing international governance structures were increasingly showing signs of losing legitimacy and effectiveness.
"We believe the Brics are an important force for incremental change and reform of current institutions towards more representative and equitable governance, capable of generating more inclusive global growth and fostering a stable, peaceful and prosperous world," the Fortaleza Declaration reads.