While condemning all form of terrorist acts, leaders of Brazil, Russia, India and China (BRIC) said in a joint statement on Thursday, "We note that the fight against international terrorism must be undertaken with due respect to the UN Charter, existing international conventions and protocols, the UN General Assembly and Security Council resolutions relating to international terrorism, and that the prevention of terrorist acts is as important as the repression of terrorism and its financing."
"In this context, we urge early conclusion of negotiations in the UN General Assembly of the Comprehensive Convention on International Terrorism and its adoption by all member states.
Brazil and China expressed their sympathy and solidarity with the people and governments of Russia and India which were the target of barbaric terrrorist attacks recently. ''Terrorism cannot be justified by any reason," their statement said.
In another joint statement at the end of their second summit, the nations called for swift reforms of the World Bank and the International Monetary Fund to allow greater say to developing nations.
The group was formed during the global financial crisis with a shared objective of shifting the balance of decision making from advanced economies.
But analysts say the timing of the initiative ahead of this month's G20 finance ministers and IMF meetings in Washington in November, sends a strong signal for reforms completion and a growing confidence and cohesiveness of the set up.