In a bold move to reshape the global economic landscape, the BRICS nations\u2014Brazil, Russia, India, China, and South Africa\u2014voiced deep concern on Wednesday over the destructive impact of illegal unilateral coercive measures on the world economy and international trade. The statement came during the 16th BRICS Summit, culminating in the issuance of the transformative Kazan Declaration.
The BRICS countries called for a comprehensive reform of the Bretton Woods system, aiming to enhance the representation and influence of emerging markets and developing countries within global financial institutions. “New centers of power, policy decision-making, and economic growth are emerging in the world,” the declaration stated, emphasizing the need for a more equitable and balanced multipolar world order.
A significant highlight of the summit was the collective agreement to support the New Development Bank (NDB) in implementing its general strategy for 2022-2026, focusing on expanding local currency financing. The countries pledged to jointly build the NDB into a new kind of multilateral development bank tailored for the 21st century. This includes supporting its further expansion of membership and expediting the review of membership applications from BRICS countries in alignment with its strategic objectives and policies.
The leaders encouraged strengthening financial cooperation among BRICS nations and promoting local currency settlements to reduce reliance on traditional financial systems. Such measures are expected to foster greater financial stability and independence for emerging economies.
“This trend paves the way for a more equitable, just, democratic, and balanced multipolar world order,” the BRICS nations asserted, highlighting the growing opportunities for emerging markets and developing countries to benefit from inclusive economic globalization.
The Kazan Declaration marks a pivotal moment in the collective efforts of BRICS countries to address global economic challenges and to advocate for a fairer international financial system that truly represents the interests of developing nations.
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BRICS countries voice concern over unilateral coercive measures
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