London: Brazil, Russia, India and China, now known as the BRIC nations, flexed their muscles at the G-20 finance ministers' meet.
The group is increasingly wielding more and more clout saying the worst is over, but a lot still needs to be done.
Top of the agenda is changing the balance of power in international funding agencies like the International Monetary Fund (IMF) and the World Bank, for which BRIC nations have committed to contributing $80 billion.
Finance Minister Pranab Mukherjee said, "For the reform of multilateral agencies, $10 billion in notes to be issued by the IMF."
BRIC say they favour shifting IMF quotas in favour of the emerging markets and the World Bank by six per cent each. The nations also want IMF voting rights doubled.
Besides, the BRIC nations pressed for combating the real threat of protectionism by developed countries not only in global trade but also in the flow of global funds.
They also stressed the need to sustain coordinated anti crisis packages and that of promoting world trade by reviving the stalled.
"Emerging markets are not the cause of recession but their prospects have been damaged nevertheless. India's growth stood at 6-7 per cent in 2009-10 with fiscal stimulus of 3-4 per cent, but return to a growth of 9-10 per cent hinges on the recovery of the west," Mukherjee said.
The issue of a greater voice for emerging economies in international funding agencies has gained urgency. It has to reflect the changing balance of power in the global economy, especially because countries like China and India have withstood recession better than the developed world.
The US is also keen to reach an agreement on this by the time leaders of the G-20 nations meet in a few weeks time in Pittsburg in US.