Wednesday, June 14 2006 12:33 Hrs (IST) - World Time -

United Nations: UN Secretary-General Kofi Annan has lauded the rapid economic progress made by India, China, Russia and Brazil but said further political,economic and other reforms are essential to 'distribute the gains more evenly' and sustain the pace.

"The remarkable economic growth of Brazil, China, India and Russia has brought prosperity to many, and lifted millions more out of extreme poverty. Yet tremendous challenges remain. Economic gains have been unevenly distributed, and the ranks of the poor are still large," he said in a message delivered to the 10th St. Petersburg International Forum in Russia.

The Forum is being attended by high-level policy makers, industrialists, bankers and representatives from various international organizations and financial institutions.

Ministers of Economic Affairs of Brazil, India, China and Russia are also attending the three-day event.

"Our challenge is to sustain the progress that has been achieved while addressing the remaining backlog of need. For this, further reforms (economic, political, legal, judicial and regulatory) are essential. We must clarify and institutionalize the rules underpinning investment and development, while increasing investments in health, education, training and research," he told the leaders.

Annan said that such an 'ambitious agenda' demands the active participation of both people and the private sector, working together to achieve shared goals.