Context
The leaders of five rapidly-growing emerging economies on Thursday vowed to reform the financial institutions of the world in order to better reflect their growing influence, an agreement that could shun doubts over cohesion within the group. Following a summit meeting in the Chinese province of Hainan, the BRICS countries, namely China, India, South Africa, Brazil and Russia, established a united front for seeking a political solution to the current conflict in Libya, a sign that the group aims to expand its agenda. The summit was chaired by President Hu Jintao of China and attended by Russia’s President Dmitry Medvedev, South Africa’s President Jacob Zuma, India’s Prime Minister Manmohan Singh and Brazil’s President Dilma Rousseff.
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