Seeking to take advantage of their inherent strength, the G-5 countries, including India, have agreed to explore prospects of joint collaboration in cross border investment, research and innovation, climate change, energy and development.
'The consensus view was that all of these challenges must be addressed from a multilateral, regional and bilateral perspective, taking into consideration the interests and capacities of different states', Prime Minister Manmohan Singh and other leaders from China, Brazil, Mexico and South Africa said in a joint press statement after their meeting on Thursday.
The leaders reaffirmed their shared conviction that developing countries must participate more actively in the 'consolidation of strategies' to deal with challenges in an increasingly inter-dependent world.
"This is not a pressure group," Foreign Secretary Shivshankar Menon explained on being asked whether the G-5 was gearing up to put pressure on the Group of Eight industrialised countries.
Dr Singh drew support from the four countries for his contention that developing nations must be treated as 'partners and not petitioners in the changing global scenario'.
The G-5 consensus emerged as the G-8 agreed to firm up a UN treaty on climate by 2009 after the US declined to come on board to endorse hard targets to combat climate change.
After two days of tough negotiations, G-8 leaders agreed on a course to check global warming by effecting 'substantial' global emission reductions, a reference to carbon-dioxide emission that is causing global temperatures to shoot up.
The G-8 consists of the US, Canada, Japan, Germany, Britain, France, Italy and Russia. Singh and other leaders also shared the view that the capabilities of each of the G-5 country have grown immensely and that it would be in common interest to coordinate their positions.
It was agreed that senior officials of the five countries would stay in regular touch for this purpose.