The leadership of the five emerging economies -- Brazil, Russia, India, China and South Africa, collectively called the BRICS nations -- also expressed satisfaction over the good progress made towards the establishment of the BRICS-led New Development Bank (NDB) and the contingent reserve arrangement (CRA).

"On the CRA, consensus has been achieved on many key aspects and operational details regarding its establishment. As agreed in Durban, the CRA will have an initial size of $100 billion," said an official communique issued by the Indian side, which is being led by Prime Minister Manmohan Singh.