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Related Topics World » IMF » Brazilian Trade Minister Fernando Pimentel (L-R), Russia's Economic Development Minister Elvira Nabiullina, India's Trade Minister Anand Sharma, China's Minister of Commerce Chen Deming and South African Minister of Trade and Industry Rob Davies, shake hands during a group photograph at the BRICS Summit Forum themed ''BRICS Partnership for Stability, Security and Growth'' in New Delhi March 28, 2012. Credit: Reuters/Vijay Mathur By Rajesh Kumar Singh NEW DELHI | Thu Mar 29, 2012 3:29am EDT NEW DELHI (Reuters) - The BRICS group of emerging market nations voiced concern about the slow pace of reforms within the IMF in a draft summit declaration that also called for a transparent process to select the next World Bank president. The leaders of the so-called BRICS nations - Brazil, Russia, India, China and South Africa - were meeting in the Indian capital Delhi on Thursday. Promised changes to give the emerging powers greater voting rights at the International Monetary Fund have yet to be ratified by the United States, adding to frustration over reform of the G7 and the U.N. Security Council, where India and Brazil have been angling for years for permanent seats. The draft statement, a copy of which was seen by Reuters, called on developed nations to avoid creating excess liquidity in the global financial system, a common complaint of developing nations whose economies have been buffeted by rapidly changing capital flows in recent years. ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For a graphic on the BRICS economies, click: link.reuters.com/hez27s For a video about the BRICS' economic woes, click: link.reuters.com/fet27s ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ The BRICS group so far has not come out in support of any of the three candidates hoping to replace U.S. official Robert Zoellick at the head of the World Bank. IRAN'S NUCLEAR RIGHTS The draft statement said the crisis over Iran's nuclear program should be resolved diplomatically and should not be allowed to escalate. The draft declaration recognized the right of Iran to pursue peaceful nuclear energy. The five BRICS nations, who collectively account for nearly half the world's population and a fifth of economic output, were also expected to announce steps to bring their economies closer together, including linking their stock exchanges and plans for a joint development fund in the mould of the World Bank. The chairman of Russia's largest state development bank said Moscow and New Delhi will switch to trading in domestic currencies in three years. "With China it took us three years to (evolve) from initial conversations to trading in local currencies," chairman of VEB state bank Vladimir Dmitriev told reporters on the sidelines of the summit. "I think we will meet similar terms with India," he said. (Additional reporting by Matthias Williams, Brian Winter and Alexei Anishchuk; Editing by Paul Tait) World IMF Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (1) truthtorpedo wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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