The presidents of Brazil and Russia have expressed their hope for holding a BRIC Summit in Russia next year during their meeting here on Wednesday.
They have agreed to initiate next year the first summit of the BRIC countries comprising of Brazil, Russia, India and China, four large emerging economies in the world.
The international financial crisis might bring new opportunities for the BRIC nations, while strengthening their roles in the world, said Brazilian President Luiz Inacio Lula da Silva.
"This crisis, which started in the rich countries, is an opportunity for the developing countries, which are responsible for 75 percent of the GDP growth in the world," he said.
Russian President Dimitry Medvedev visited Brazil as part of his Latin American tour, which also includes Peru, Venezuela and Cuba.
During Medvedev's stay in Brazil, both presidents stressed the importance in strengthening the BRIC.
On Tuesday, Medvedev proposed to increase the trade volume between Brazil and his country from 5 billion U.S. dollars to 10 billion dollars by 2010.
The two presidents agreed that the partnership between Brazil and Russia should not be restricted to commodities. "We want expansion (in cooperation) in the technology, industry and oil sectors," Lula said.
Medvedev said that Russia expects to cooperate with Brazil in projects in the communications and aerospace sectors.
Source:Xinhua
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