The BRICS summit has called for promoting cooperation among the development banks of the five countries to intensify trade and economic cooperation. The designated Banks signed a frame work agreement at the end of the summit in Sanya 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 declaration adopted at the end of the summit supported reform and improvement of the international monetary and financial system with a broad based international reserve currency system. The declaration says it will provide stability and certainty to the system. The leaders called for further strengthening international financial regulatory reform besides policy coordination and financial regulation. The declaration also stresses the need for promoting the sound development of global financial markets and banking system. It further supports cooperation among the member countries to ensure stability of food and energy prices and strong development of physical markets by reducing distortion. Referring to international terrorism the summit urged for early conclusion of UN General Assembly convention on international terrorism, the declaration pledged full cooperate in strengthening the international information security with focus on combating cyber crime. The summit has prepared an action plan for the future. It proposes to explore the feasibility of cooperation in the field of green economy, enhance cooperation in the scientific, technological and innovation fields 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. Leaders of the five nations called for avoiding use of force in resolving regional turbulence in Middle East It expressed deep concern over the turbulence in the Middle East , the North African and West African regions. The leaders while calling for respecting the aspirations of people, wished peace and stability for the countries affected by violence. The next BRICS summit will be held in India in 2012. 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. The Prime Minister said that global economic security situation was reviewed and it was agreed all countries need to work together to tackle the challenges of sustainable development, food and energy security besides climate change. In his speech in the summit meeting Dr. Singh pledged India ‘s support to rule based, stable and predictable global order. He said that India reaffirms its commitment to the balanced out come of Doha round. In his remarks Chinese President Hu Jintao called for the reform of international monetary and financial system saying that the say and representation of emerging markets and developing countries should be increased. Hu said the international financial crisis has aroused much thinking and discussion about world economic imbalances. The Presidents of South Africa , Brazil and Russia also addressed the joint press conference.