In a major step to enhance economic cooperation, India, China, Russia, Brazil and South Africa today signed an agreement to enable them to have provided credit to each other in local currencies. It also paves the way for collaborating in capital market and other financial services among the members of this group of developing nations – BRICS. The Agreement was signed by the designated banks of the five countries at the conclusion of third Summit in the port city of Sanya in China. The declaration adopted at the end of the Summit supports a broad based international reserve currency to provide stability and security to the system. Secretary East in the Ministry of External Affairs Manbir Singh said that a contact group is also being established to intensify business cooperation among the member countries.The declaration expressed concern over the impact of developments in West Asia and North Africa. The summit meeting discussed the issue of Libya and voiced opposition to use of force. It underlined the need for resolving the issue through peaceful means and dialogue with UN and regional organizations playing an appropriate role.The member countries vowed to coordinate their positions on global political and economic issues. The BRICS countries asked major economies to continue to enhance coordination of macro-economic policies and work together to achieve strong, sustainable and balanced growth. An action plan has been unveiled in the declaration which encompasses greater coordination among the member countries on a range of issues including fight against terrorism, challenges to energy and food security besides cooperation on finance, agriculture and sports.Addressing the joint media briefing after the Summit, Prime Minster Dr. Manmohan Singh said the leaders reviewed the international situation, discussed international economic, financial and trade issues, the challenges of sustainable development, food, energy security and climate change. Dr. Singh said that he was deeply encouraged by the consensus among the group on the need for an international order that is rule based and respects the unity, territorial integrity, sovereignty and independence of individual States.Earlier, addressing the Summit, Dr. Manmohan Singh said the challenge before the BRICS countries is to harness the vast potential that exists among them as all are rich in resources, material and human. He added India stood ready to work with other BRICS countries to realize these goals. The Prime Minister said that Indian economy is more open and more connected to the world than it has been in the past and the financial and capital markets are sound, and eager to absorb foreign direct investment.Referring to the international economic and financial situation, he said the quality and durability of the recovery process in the aftermath of the 2008 crisis depends to a great measure on how the BRICS economies perform. Dr. Singh said the BRICS countries, as members of the G-20, closely cooperate with the rest of the world and will continue to do so as it prepares for the next G-20 Summit in France. Dr. Singh said the BRIC nations have embarked on a major enterprise of socio-economic change for their peoples.