Brazil, Russia discuss creation of BRICS bank

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Russia's President Vladimir Putin, left, stands with Brazilís President Dilma Rousseff during the playing of the national anthem at Planalto presidential palace in Brasilia, Brazil, Monday, July 14, 2014. Putin is on a Latin American tour aimed at boosting trade and ties in the region. (AP Photo/Eraldo Peres)

BRASILIA, Brazil (AP) — Brazil's President Dilma Rousseff and Russia's Vladimir Putin have discussed the creation of a development bank to promote growth in Brazil, India, China, Russia and South Africa.

Rousseff received Putin in the presidential palace in Brasilia on Monday, a day before leaders of the five emerging BRICS nations meet in the northeastern city of Fortaleza.

Rousseff told reporters the bank would top the summit's agenda, adding she hoped the event would produce an agreement on the proposed institution.

She said the five countries "are among the largest in the world and cannot content themselves in the middle of the 21st century with any kind of dependency."

Brazil and Russia also signed bilateral accords on air defense, gas and education.