At the 16th BRICS Summit, held in Kazan, member nations voiced strong concerns over the adverse effects of illegal unilateral coercive measures on the global economy, international trade, and the achievement of sustainable development goals.
The summit culminated in the Kazan Declaration, where BRICS countries emphasized the need to reform the Bretton Woods system. This reform aims to enhance the representation of emerging markets and developing countries, ensuring a more balanced global economic framework.
In a united effort, the BRICS members pledged their support for the New Development Bank (NDB), backing its general strategy for 2022-2026 and advocating for the expansion of local currency financing. They envision transforming the NDB into a pioneering multilateral development bank tailored for the 21st century.
The declaration also highlighted plans to expand the NDB's membership and streamline the review process for new members in alignment with its strategic objectives and policies. Strengthening financial cooperation and promoting local currency settlements were identified as key steps towards building new centers of power, policy decision-making, and economic growth worldwide.
BRICS leaders believe that these initiatives will pave the way for a more equitable, just, and balanced multipolar world order. This shift is expected to provide emerging markets and developing countries with greater opportunities to benefit from inclusive and universally advantageous economic globalization.
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BRICS countries voice concern over unilateral coercive measures
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