BASIC nations 'very happy' with Cancun texts: Ramesh

India today said that the major emerging economies were "very happy" with the two draft texts prepared by climate negotiators from almost 200 nations on the Kyoto Protocol and a long-term action to combat climate change.

Following the circulation of two texts, still remain to be adopted by the 193 countries in some formal manner, Environment Minister Jairam Ramesh said that the outcome was "acceptable" to India.

"We have a Cancun agreement," he said, noting that the BASIC countries were "very happy" with the text.

The BASIC countries (BASIC or G4) are a bloc of four large developing countries -- Brazil, South Africa, India and China -- formed by an agreement on 28 November 2009.