The BRICS summit has concluded with a call to strengthen financial cooperation among the member nations. The Sanya declaration adopted at the summit calls for cooperation among the development banks of the five countries. The designated banks have signed a fame work agreement which paves the way for providing credit facilities among the member nations in their own currencies and cooperation in capital markets and other financial services. The action plan prepared for the future road map also decided to explore the feasibility of cooperation in the field of green economy, promoting cooperation in the scientific, technological and innovation cooperation and establishment of working group on Pharma industry. The leaders have already decided to hold first meeting of friendship cities and local governments of the member countries and engage in joint research projects on economic and trade issues. They have also decided to have intensified cooperation in the fields of sports and culture. In his remarks at the joint press meet, the Prime Minister Dr. Manmohan Singh asserted that there was a consensus over restructuring international institutions of governance. His argument was supplemented by the leaders of South Africa and Russia and Brazil. India has been advocating reforms in the UN Security Council to make them truly representative contemporary realities. Dr. Singh cautioned that there is no room for complacency following the developments in West Asia and North Africa and aftermath of huge tragedy over Japan .This he said have resulted in uncertainties in the global economic recovery .He also brought to the fore the concerns the world is grappling with due to threats to security from terrorism and piracy.