BRICS leaders

The BRICS group of five nations has announced that diplomatic talks must be the international community’s only resort in resolving nuclear disputes with Iran and the crisis in Syria.

BRICS is the international political group comprised of five leading emerging economies: Brazil, Russia, India, China and South Africa. In their latest summit held on Thursday in Delhi, the five nations stressed that any military attack on Iran would lead to “disastrous consequences”, concluding that the nuclear disputes with Iran can only be resolved through diplomatic efforts.

At their fourth summit, the five nations also recognized the Islamic Republic’s right to develop and use nuclear energy for peaceful purposes consistent with its international commitments.

The group also announced its support for Kofi Annan’s peace plan for Syria, calling for an end to violence and human rights violations but insisting that Syrians resolve their own differences.

A joint statement issued by the BRICS nations said: “Our objective is to facilitate a Syrian-led inclusive political process, and we welcome the joint efforts of the United Nations and the Arab League to this end."

Most of the post-summit statement concentrated on global financial and economic issues, including a plan to establish the BRICS group’s first joint financial institution in the form of a development bank.

AFP reports that the BIRCS Bank is still in the preliminary stages of planning and organization but it is envisioned as an alternative to the World Bank and the Asian Development Bank, lending money to poor nations in order to help them speed up their development and reduce poverty.