BRICS summit to change course of 21st century

Venezuelan President Nicolas Maduro has said the decisions taken at the BRICS summit will change the course of the 21st century, media reported Wednesday.

"The BRICS have made very important decisions to change the political and economic world order," Xinhua quoted Maduro as saying.

The bloc has "decided to create a development bank with $100 billion, and a commercial and financial system among its members to use its local currencies instead of US dollars", said Maduro.

Leaders of the world's five emerging economies -- Brazil, Russia, India, China and South Africa -- started their two-day summit Tuesday in the Brazilian city of Fortaleza.

They announced plans to establish a development bank to be headquartered in the Chinese financial hub of Shanghai and a contingent reserve arrangement (CRA).

Maduro will attend meetings in Brazil between BRICS, the Union of South American Nations (UNASUR), and the Community of Latin American and Caribbean States (CELAC) Wednesday and Thursday, to deepen ties between these blocs.

The Venezuelan president is also set to attend a meeting between CELAC member nations and Chinese President Xi Jinping, in a bid to establish a strategic relationship between the bloc and China.

"Our foreign policy is well advanced. It's at the centre of all world events to continue deepening our alliance with BRICS," he said.

Later this week, Maduro will meet with Xi in the Venezuelan capital of Caracas.