Commodity price fluctuation

Commodity price fluctuations are also a prime area of concern for the BRICS leaders, who considered volatility in global commodity prices, particularly that of grain and energy, as a new challenge to world economic recovery.

To tackle the issue, "we support the international community in strengthening cooperation to ensure stability and strong development of physical market by reducing distortion and further regulate financial market," the declaration says.

Concerted efforts should be made to expand production capacity and enhance dialogue between producers and consumers to balance supply and demand while increasing support to developing nations in terms of funding and technologies, it says.

Speaking to reporters after the summit, Russian President Medvedev said the five countries shared common stance on the reform of the international financial system, the reform of the World Bank and other issues like the price fluctuation of agricultural products and the consensus reached at the summit will be presented at the Group of 20 summit, slated for November in France.

The leaders also discussed issues concerning climate change. President Hu said the countries should uphold the principle of "common but differentiated responsibilities" and work together to meet the global climate challenge.

Speaking of the climate change conference scheduled for December in Durban, South African President Zuma said he hoped the upcoming conference could reach a legally binding agreement and consolidate global efforts in curbing the worsening climate situation.

The next summit of the BRICS countries will be held in India in 2012.