This joint statement was issued by BASIC countries at the fourth meeting of BASIC country Ministers on climate change that took place in Rio de Janeiro on the 25th and 26th of July 2010. In this statement Ministers reiterate the importance of the two pronged approach, which envisages, on one hand, an ambitious and comprehensive outcome for the negotiations under both the Ad Hoc Working Group on Long-Term Cooperative Action under the UNFCCC and the Ad Hoc Working Group on Further Commitments by Annex I Parties under the Kyoto Protocol, and, on the other hand, considers the elements for an equitable and balanced outcome in Cancun, covering, for example, different initiatives which could be supported by fast-start finance. Ministers agree that fast-start finance will be the key for an effective result in the climate change negotiations in Cancún.