12. We express support for the development of action-oriented economic cooperation and systematic strengthening of economic partnership for the recovery of the global economy, resisting protectionism, promoting high and productive employment, reducing possible international financial market risks and strengthening sustainable growth.
We are convinced that further efforts to coordinate macroeconomic policies between all leading economies remain a major prerequisite for early and sustainable recovery of the global economy. We also strive to facilitate market inter-linkages, robust growth and an inclusive and open world economy characterized by efficient resource distribution, free movement of capital, labour and goods, and fair and efficiently regulated competition.
13. Sound macroeconomic policies, efficiently regulated financial markets and robust levels of reserves have allowed the BRICS economies to better deal with the risks and spillover effects presented by the challenging global economic conditions in the last few years. In this context the BRICS economies are taking the necessary steps to secure economic growth, maintain financial stability and speed up structural reforms. We will also continue to work to intensify our financial and economic cooperation, including within the New Development Bank and the BRICS Contingent Reserve Arrangement to build upon our synergies.
We welcome and support the creation of a platform of joint discussion for trade cooperation amongst BRICS countries through enhanced dialogue between the BRICS Export Credit Agencies (ECAs), namely ABGF, ECGC, ECIC SA, EXIAR and SINOSURE. In specific, the BRICS countries have agreed to the establishment of an annual BRICS ECA meeting with the purpose of exploring opportunities for cooperation and future joint action to promote exports among BRICS and to other countries. The inaugural meeting for this new format took place on the sidelines of the Ufa Summit.
14. We reaffirm the important role played by the BRICS Interbank Cooperation Mechanism in expanding the BRICS countries financial and investment cooperation. We appreciate the efforts made by the member banks to explore the BRICS innovation potential. We welcome the signing of the "MoU on Cooperation with the New Development Bank" between our respective national development banks/institutions.
15. We welcome the entry into force of the Agreement on New Development Bank signed during the VI BRICS Summit in Fortaleza. We also welcome the inaugural meeting of the Board of Governors of the NDB held on the eve of the Ufa Summit and chaired by Russia, as well as the work done by the Interim Board of Directors and the Pre Management Group aimed at the earliest launch of the Bank. We reiterate that the NDB shall serve as a powerful instrument for financing infrastructure investment and sustainable development projects in the BRICS and other developing countries and emerging market economies and for enhancing economic cooperation between our countries. We expect the NDB to approve its inaugural investment projects in the beginning of 2016. We welcome the proposal for the NDB to cooperate closely with existing and new financing mechanisms including the Asian Infrastructure Investment Bank.
16. We welcome the conclusion of the ratification process of the Treaty Establishing a Contingent Reserve Arrangement of the BRICS and its entry into force. We also welcome the signing of the BRICS Inter-Central Bank Agreement that sets technical parameters of operations within the BRICS CRA. We see the creation of the BRICS CRA, allowing its members to provide mutual financial support, as an important step in the financial cooperation of our countries. Furthermore, this new mechanism is a valuable contribution to the global financial safety net.
17. The Strategy for the BRICS Economic Partnership that we adopted today would be the key guideline for expanding trade and investment, manufacturing and minerals processing, energy, agricultural cooperation, science, technology and innovation, financial cooperation, connectivity and ICT cooperation between our countries. We direct the relevant Ministries and concerned agencies of our States to take practical steps for efficient implementation of this Strategy. We emphasize the important role of the New Development Bank, the BRICS Interbank Cooperation Mechanism, the BRICS Business Council, the BRICS Business Forum, and the BRICS Think Tanks Council in the implementation of this Strategy. We also direct our Ministers/Sherpas to look into the feasibility of developing a BRICS trade, economic and investment cooperation roadmap for the period until 2020.
18. We will continue our consultations and coordination on the G20 agenda, especially on issues of mutual interest to the BRICS countries. We will also continue working to bring greater attention to the issues on the G20 agenda that are prioritized by developing countries and emerging markets, such as macroeconomic policy coordination under the G20 Framework for Strong, Sustainable and Balanced growth, containing spillover effects, supporting economic activity, as well as bridging the gaps caused by cross-border impacts of the global financial regulation reform, adaptation to new rules introduced by the Action Plan on Base Erosion and Profit Shifting (BEPS) and the Common Reporting Standard for Automatic Exchange of Tax Information (AEOI). We will continue to appeal for broader and deepened G20 consultations with low-income countries on G20 policy recommendations that will have an impact on them.
The leaders of Brazil, Russia, India and South Africa welcome and support China's upcoming Presidency of the G20. BRICS will work closely with all members to lift global growth, strengthen International Financial Architecture and consolidate the role of the G20 as the premier forum for international financial and economic cooperation.
19. We remain deeply disappointed with the prolonged failure by the United States to ratify the IMF 2010 reform package, which continues to undermine the credibility, legitimacy and effectiveness of the IMF. This prevents the increase in the institution's quota resources and the revision of quotas and voting power in favour of developing countries and emerging markets as agreed by an overwhelming majority of members, including the United States in 2010. We expect the United States to ratify the 2010 reforms by mid-September 2015 as agreed in the IMF. In the meantime, we are prepared to work on interim steps provided they deliver equivalent results to the levels agreed as a part of the 14th General Quota Review. We reaffirm our commitment to maintaining a strong, well-resourced and quota-based IMF and, in this regard, urge other Members to continue the reform process through the 15th General Quota Review without delay.
20. We share concerns regarding the challenges of sovereign debt restructurings. Debt restructurings have often been too slow and too late, thus failing to reestablish debt sustainability and market access in a durable way. The handling of sovereign debt restructurings should be improved to the benefit of creditors and debtors alike. We welcome the current discussions in the United Nations to improve sovereign debt restructuring processes, as well as the current work to strengthen the contractual approach in order to ensure more timely and orderly restructuring. We emphasize the importance of addressing these challenges and call all G20 countries as well as IFIs to actively participate in these processes.