BRICS pitches for using local currencies in international trade

A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre.

It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.

The joint statement titled 'The Cape of Good Hope', said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory, and rules-based multilateral trading system with the World Trade Organisation (WTO) at its core, with special and differential treatment (S&DT) for developing countries, including Least Developed Countries.

They condemned unilateral protectionist measures under the pretext of environmental concerns such as unilateral and discriminatory carbon border adjustment mechanisms, taxes and other measures, it said.

The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24 per cent of the global GDP and 16 per cent of the global trade.

The ministers emphasised that ensuring energy security is a crucial foundation for economic development, social stability, national security, and the welfare of all nations worldwide.

They called for resilient global supply chains and predictable, stable energy demand to ensure universal access to affordable, reliable, sustainable, and modern energy sources.

"They also stressed the importance of enhancing energy security and market stability by strengthening value chains, promoting open, transparent, and competitive markets, and ensuring the protection of critical energy infrastructure. They strongly condemned all terrorist attacks against critical infrastructure, including critical energy facilities, and against other vulnerable targets," it said.

BRICS countries proposed to hold the next summit in South Africa in August this year.