New Delhi: Prime Minister Manmohan Singh on Thursday said that policy coordination is a must to revive economic growth. Addressing the fourth BRICS Summit in New Delhi, the Prime Minister also said that the grouping has agreed to examine in "greater detail" a proposal to set up a South-South Development bank, funded and managed by BRICS and other developing countries.
He also urged member countries to speak in one voice on key issues such as UNSC reforms.
The Summit is being attended by Brazilian president Dilma Roussef, Chinese president Hu Jintao, South African president Jacob Zuma and Russian president Dmitry Medvedev besides Singh.
The BRICS (Brazil, Russia, India, China and South Africa) represent over 40 per cent of the world's population and the leaders of the five countries discussed ways to enhance intra-BRICS trade and review the situation in the region.
"We must avoid political disruptions that create volatilities in global energy markets and affect trade flow...We must ensure policy coordination to revive economic growth," he said.
On UNSC reforms, Singh suggested that BRICS countries should speak in one voice on issues such as reforms of the international body.
He also said in their restricted session, the grouping also discussed the ongoing turmoil in West Asia and agreed to work together for a peaceful resolution of the crisis.
Touching upon the issue of terrorism, Singh said the countries should enhance cooperation against terrorism and other developing threats such as piracy, particularly emanating from Somalia.
(With additional inputs from PTI)