BRICS Summit Special: Examining Leaders' Remarks & the Kazan Declaration
I’ll limit this edition to the BRICS summit-related engagements. This anyway dominates the paper today too. At least, I found little else interesting in the paper today. So here goes.
The top story on the front page today is based on Xi Jinping’s speech at the BRICS Summit in Kazan, Russia. The speech has been published on Page 2; full English version is available here. Key points:
“At this summit, we have decided to invite many countries to become partner countries, which is another major progress in the development of BRICS…We must make full use of this summit, maintain the momentum of BRICS, and consider and devise our strategy to address issues that have a global impact, determine our future direction, and possess strategic significance. We must build on this milestone summit to set off anew and forge ahead with one heart and one mind.”
“We must work together to build BRICS into a primary channel for strengthening solidarity and cooperation among Global South nations and a vanguard for advancing global governance reform.”
Then Xi made a five-point proposal of building a:
和平金砖: Peaceful BRICS; 创新金砖: Innovative BRICS; 绿色金砖: Green BRICS; 公正金砖: Fair BRICS; and 人文金砖: Humanistic BRICS
“We should build a BRICS committed to peace, and we must all act as defenders of common security. We humans are an indivisible community of security. Only by embracing the vision of common, comprehensive, cooperative and sustainable security can we pave the way for universal security. The Ukraine crisis still persists. China and Brazil, in collaboration with other countries from the Global South, initiated a group of Friends for Peace to address the crisis. The aim is to gather more voices advocating peace. We must uphold the three key principles: no expansion of the battlefields, no escalation of hostilities, and no fanning flames, and strive for swift de-escalation of the situation. While the humanitarian situation in Gaza continues to deteriorate, the flames of war have once again been rekindled in Lebanon, and conflicts are escalating among the parties. We must promote an immediate ceasefire and an end to the killing. We must make unremitting efforts toward a comprehensive, just and lasting resolution of the Palestinian question.”
“We should build a BRICS committed to innovation…China has recently launched a China-BRICS Artificial Intelligence Development and Cooperation Center. We are ready to deepen cooperation on innovation with all BRICS countries to unleash the dividends of AI development. China will establish a BRICS Deep-Sea Resources International Research Center, a China Center for Cooperation on Development of Special Economic Zones in BRICS Countries, a China Center for BRICS Industrial Competencies, and a BRICS Digital Ecosystem Cooperation Network.”
We should build a BRICS committed to green development…China’s high-quality production capacity, as exemplified by its manufacturing of electric vehicles, lithium batteries and photovoltaic products, provides a significant boost to global green development. China is willing to leverage its strengths to expand cooperation with BRICS countries in green industries, clean energy and green mining, and promote green development through the entire industrial chain, so as to increase the ‘green quotient’ of our cooperation and upgrade the quality of our development.
“We should build a BRICS committed to justice, and we must all act as forerunners in reforming global governance. The international power dynamics is undergoing profound changes, but global governance reform has lagged behind for a long time. We should champion true multilateralism and adhere to the vision of global governance characterized by extensive consultation, joint contribution, and shared benefits. We must ensure that global governance reform is guided by the principles of fairness, justice, openness and inclusiveness. In light of the rise of the Global South, we should respond favorably to the calls from various countries to join BRICS. We should advance the process of expanding BRICS membership and establishing a partner country mechanism, and enhance the representation and voice of developing nations in global governance.”
“The current developments make the reform of the international financial architecture all the more pressing. BRICS countries should play a leading role in the reform. We should deepen fiscal and financial cooperation, promote the connectivity of our financial infrastructure, and apply high standards of financial security. The New Development Bank should be expanded and strengthened. We must ensure that the international financial system more effectively reflects the changes in the global economic landscape.”
We should build a BRICS committed to closer people-to-people exchanges…We should enhance the exchange of governance experiences among BRICS countries, and fully harness the untapped potential for cooperation in areas such as education, sports, and the arts so that our diverse cultures can inspire one another and illuminate the path forward for BRICS…China will implement a capacity-building program for BRICS digital education. We will open 10 learning centers in BRICS countries in the next five years, and provide training opportunities for 1,000 local education administrators, teachers and students…
Also on the front page are reports on Xi’s meeting with the presidents of Iran and Egypt. The meeting with India’s Narendra Modi is covered on Page 2. I covered this in detail in the edition yesterday.
First, the report (English report) on Xi’s meeting with Iranian President Masoud Pezeshkian says:
“Iran, Xi said, is a country with important regional and international influence and a good friend and partner of China. The strategic significance of China-Iran relations has become more prominent as transformations of the world unseen in a century are unfolding at faster pace, he said. The Chinese side supports Iran in safeguarding national sovereignty, security and national dignity, steadily advancing its own economic and social development, and improving and deepening good-neighborly and friendly relations with neighboring countries, he added. The Chinese side, he said, stands ready to work with Iran to firmly support each other, uphold the basic norms governing international relations such as non-interference in internal affairs, and safeguard the legitimate rights and interests of the two countries, adding that his country is also willing to strengthen exchanges and cooperation with Iran in various fields, promote the sound and steady development of the comprehensive strategic partnership between the two countries, and better benefit the two peoples. Xi congratulated on and welcomed Iran's participation in the BRICS Summit for the first time as a full member, pointing out that China is willing to strengthen cooperation with Iran within BRICS and other multilateral frameworks, further volume up the influence and voice of the Global South, and push forward the development of the international order in a more just and reasonable direction.”
“Xi pointed out that China is deeply concerned about the current situation in the Middle East, saying that an early ceasefire and end of war in Gaza are the key to easing regional tensions. The international community should work together to urge relevant parties to earnestly implement the UN Security Council resolutions and avoid further instability in the region, he added.”
Among other things, Pezeshkian said “China is Iran’s most important partner for cooperation.” He added that “Iran is also ready to work with China to continue firmly supporting each other on issues concerning their respective core interests and opposing hegemony and bullying.”
The report (English report) on Xi’s meeting with Egyptian President Abdel-Fattah al-Sisi says that:
“Xi pointed out that this year marks the China-Egypt year of partnership and the 10th anniversary of the establishment of the comprehensive strategic partnership between the two countries. China firmly supports Egypt in safeguarding its national sovereignty, security and development interests, he said. The two sides should continue to firmly support each other, consolidate political mutual trust, deepen practical cooperation, jointly build the Belt and Road with high quality, strengthen people-to-people and cultural exchanges, and push bilateral relations toward the goal of building a China-Egypt community with a shared future in the new era, Xi said. China is also willing to strengthen coordination with Egypt to promote the steady and long-term development of greater BRICS cooperation, further volume up the influence and voice of the Global South, and safeguard the common interests of developing countries, he added.”
“The two sides exchanged views on the current situation in the Middle East. Xi pointed out that China is deeply worried about the current situation in the Middle East. Noting that wars and chaos in the region serve no one's interests and the Palestinian issue is the core of the Middle East issue, Xi said the pressing task now is to fully and effectively implement the UN Security Council's relevant resolutions and end the fighting in Gaza as soon as possible. Only by implementing the two-state solution can a comprehensive, just and lasting settlement of the Palestinian issue be promoted at an early date, he said. China appreciates Egypt's efforts to promote a ceasefire and end of war, and stands ready to strengthen coordination and cooperation with Egypt to jointly push for an early end to the Palestinian-Israeli conflict and the easing of the regional situation, Xi added.”
Other Leaders’ Statements & Kazan Declaration
At this point, let me go back to the BRICS Summit. There has been an agreement on partner countries, but I still don’t have a list of these countries. In the meantime, let’s look at what different leaders said and what the final declaration says.
First, let me highlight the Indian Prime Minister’s remarks at the Closed Plenary of the BRICS Summit:
“We support dialogue and diplomacy, not war. And just as we were able to overcome a challenge like COVID together, we are certainly able to create new opportunities to ensure a secure , strong and prosperous future for future generations. In order to counter terrorism and terror financing, we need the single minded, firm support of all. There is no place for double standards on this serious matter. We need to take active steps to stop radicalization of youth in our countries. We must work together on the long pending matter in the UN of the Comprehensive Convention on International Terrorism. The same way, we need to work on global regulations for cyber security and for safe and secure AI.”
“India is ready to welcome new countries into BRICS as Partner Countries. In this regard all decisions should be taken by consensus, and the views of BRICS founding members should be respected. The Guiding principles, standards, criteria and procedures adopted during the Johannesburg summit, should be complied with by all members and partner countries.”
“We must move forward in a time bound manner on reforms in global institutions such as the UN Security Council, Multilateral development banks, and the WTO. As we take our efforts forward in BRICS, we must be careful to ensure that this organisation does not acquire the image of one that is trying to replace global institutions, instead of being perceived as one that wishes to reform them.”
One of the key points that he made at the open meeting was:
“We welcome efforts to increase financial integration among BRICS countries. Trade in local currencies and smooth cross-border payments will strengthen our economic cooperation. The Unified Payments Interface (UPI) developed by India is a huge success story and has been adopted in many countries. Last year, together with His Highness Sheikh Mohamed, it was launched in the UAE as well. We can also cooperate with other BRICS countries in this area.”
The key points from Putin’s remarks at the open meeting are as follows:
He proposed “creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies and would also provide financial resources to the countries of the Global South and East.creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies and would also provide financial resources to the countries of the Global South and East.”
“I would like to note that this year our association has managed to agree on a number of initiatives aimed at solving critically important common tasks. In particular, this concerns increasing the sustainability of supply chains and added value, countering protectionism, developing e-commerce, and establishing contacts through special economic zones. We believe that the launch of a special mechanism for consultations of BRICS countries on issues of the World Trade Organization will facilitate the development of a common position on the formation of fairer rules of the game in the global economy and the reform of the international financial system.”
“We consider the initiatives on the BRICS partnership on carbon markets and the climate research platform to be promising.”
It was proposed to open a BRICS grain exchange, which would facilitate the formation of fair and predictable price indicators for products and raw materials, taking into account their special role in ensuring food security. The implementation of this initiative will help protect national markets from negative external interference, speculation and attempts to cause artificial shortages of food products. Over time, one could also think about transforming the grain exchange into a full-fledged commodity exchange.”
He talked about the importance of a joint energy research platform and a BRICS platform for precious metals, as well as for diamonds.
“Russia has also put forward an initiative to establish a BRICS public health research network, which is designed to strengthen national health systems through the exchange of best practices. It is important to further strengthen the capacity of the BRICS vaccine center and tuberculosis research network.”
“I would like to draw attention to the Russian proposal to create a BRICS alliance in the field of artificial intelligence. Its goal is to regulate artificial intelligence technologies, including to prevent their illegal use. In Russia, the business community has adopted a code of ethics in this area, which our BRICS partners and other countries can join.”
Looking at the remarks of other leaders is also really useful. It helps understand the very diverse approaches and priorities of all the countries. As I had said in my comments to CNN recently, most of them are approaching the group pragmatically rather than ideologically. I am relying on machine translation of the comments available on the Russian presidential website.
Egypt’s Sisi talked about supporting multipolarity and basically added: “The world order suffers from many problems and crises, political crises that are aggravated by economic problems, leading to security problems, lack of financing for development goals, and rising costs of resources. Therefore, we in Egypt attach priority importance to taking significant steps to ensure financing for development goals in developing countries by creating reliable mechanisms and instruments to ensure sustainable development in developing countries.” He added: “Egypt confirms its readiness to strengthen interaction, coordination with the countries of the association on various international platforms, including in such areas as the climate agenda, strengthening, ensuring food security, digitalization, education and science. We are also committed to further work to ensure financial cooperation and the transition to national currencies, ensuring financial payments in national currencies, as well as interaction in the areas of digitalization, interaction with the BRICS Business Council and strengthening public-private partnership interaction based on the BRICS Interbank Cooperation Mechanism.”
Brazil’s Lula da Silva mentioned the Israel-Palestine and Russia-Ukraine conflicts. He also talked about climate change. A key point added was: “It is now necessary to create alternative monetary relations between our countries. We are not talking about replacing our internal money, but when we talk about a multipolar world, we must create a financial system, we must seriously discuss this topic. Technically, we cannot wait any longer – we must decide.”
Ethiopia’s Abiy Ahmed stressed the importance of “intra-BRICS trade, investment and tourism”. Supported the proposal on AI. He added that “prompt consideration of applications for membership in BRICS and the New Development Bank will make it possible to create a system of alternative financing for infrastructure projects that are important for development.” He stressed the significance of “African representation in the UN Security Council”.
Iran’s Pezeshkian said that “the period of unilateralism, when prosperity and development can only be realized on the path determined by Western directions, is coming to an end. I can say that the result of such an approach of Western countries can only worsen the situation in all corners of the world. And with great regret, I must say that the Americans have contributed to the growth of conflicts, as well as wars throughout the world. This is the unleashing of various wars, various conflicts, and we understand very well what is happening right now in Lebanon and Palestine.” He added: “The efforts that have been made so far to reduce the dollar's dominance in the world economy must be strengthened and implemented through operational solutions, such as the creation of a BRICS currency basket or a new settlement mechanism independent of the dollar. Independent parties can no longer pay for the United States' misguided financial policies or ineffectiveness in combating organized corruption in its financial sector.” He talked about Palestine, and the importance of financing support for development projects. He added: “I think it is necessary to create an electronic platform for all BRICS members in order to facilitate mutual trade processes between these parties, as well as to reduce dependence on ‘world domination’ in the sphere of trade. We need to think about how we can improve the system of mutual settlements based on national currencies. We are well aware that we should not depend on Western settlement systems any longer, this is a big threat to all countries. Maybe not today, but tomorrow.”
South Africa’s Cyril Ramaphosa said that “We look forward to hearing reports from our Finance Ministers and Central Bank Governors on the use of national currencies in international trade and financial transactions among the BRICS countries and their trading partners.” He added: “Emerging economies are heavily affected by the impacts of climate change. However, they bear the least blame for the current climate crisis. It is therefore imperative that industrialized countries meet their climate commitments to ensure a just and equitable transition. It is important that climate action does not exacerbate inequality or hold back the development of countries in the Global South.” And he said: “It is necessary to increase cooperation among BRICS countries by launching common development programs in the field of exports, industrial cooperation and technology exchange. We call for recalibration and modification of trade routes to ensure more sustainable industrialization. Reform of the World Trade Organization is also necessary. Cooperation among BRICS countries in the field of mineral resources and mineral sourcing needs to be considered. This is of great importance for development and achieving the goal of reducing the carbon footprint of our economies.”
UAE President Sheikh Mohamed bin Zayed Al Nahyan was very brief. He avoided any overt political remarks. Insted, he highlighted the country’s success in sectors such as technology, logistics, and the green economy. He added: “The UAE has invested in major renewable energy projects such as solar energy, wind energy, to use natural energy sources, natural resources more efficiently. This is part of our vision to achieve a more sustainable future, taking into account climate change.”
Next, the NDB’s Dilma Rousseff spoke. She said that the international situation was complex and was further “complicated by the fact that the dollar is used as a weapon to change the living conditions of the population, which also affects the international system, that is, trust [in it] and its integrity.” She further stated: “For 2024-2025, we planned to finance 39-40 projects in the field of infrastructure, transport, clean electricity, clean water, digital projects worth more than 10 billion dollars. To date, we have financed a total of 101 investment projects worth 35 billion dollars. The new development bank envisages and wants to focus on financing in national currencies. This is very important for us to increase our capacity for financing. This is our strategy. The target for 2022–2026 was to implement 30 percent of financing in national currencies. Today, we have reached 28.3 percent, so we are almost reaching our target of 30 percent.”
Putin responded to her remarks by adding: “You said that the dollar is used as a weapon. Yes, indeed, we see that this is so. In fact, I think that this is a big mistake for those who do this, because using the dollar, which is still the most important instrument of world finance, as a means of achieving political goals undermines confidence in this currency and reduces its capabilities. But it is not us who do this, it is other people who do this. But we do not refuse, we do not fight the dollar. But if we are not allowed to work with it - what to do, then we are forced to look for other alternatives, which is what is happening. We, striving for cooperation, nevertheless, it seems to me, must understand that the longer we live and work by someone else's rules and on someone else's platforms, the longer this transition to a new and more just economic and financial system will last, and this may be accompanied by major upheavals, including those that we are seeing, in particular, in the Middle East. We will talk about this with our colleagues.”
Let’s now look at the Kazan Declaration. This is a very, very long document. So I am just going to highlight some key points:
We welcome the considerable interest by countries of the Global South in BRICS and we endorse the Modalities of BRICS Partner Country Category. We strongly believe that extending the BRICS partnership with EMDCs will further contribute to strengthening the spirit of solidarity and true international cooperation for the benefit of all. We commit to further promoting BRICS institutional development.
We reaffirm our support for the rules-based, open, transparent, fair, predictable, inclusive, equitable, non-discriminatory, consensus-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 and reject the unilateral trade restrictive measures that are inconsistent with WTO rules. We welcome the outcomes of the 13th Ministerial Conference in Abu Dhabi (UAE) and reiterate our commitment to work towards the implementation of the decisions and declarations of WTO Ministerial Conferences. We note however there is still a need for further efforts in many outstanding issues. We emphasize the importance of reforming the WTO and strengthening the developmental dimension in its work. We commit to engage constructively within the WTO to attain the goal to deliver a fully and well-functioning two-tier binding WTO dispute settlement system by 2024 accessible to all, and the selection of new Appellate Body Members without further delay. We agree to enhance our dialogue on multilateral trading system and WTO-related issues and welcome the establishment of the BRICS Informal Consultative Framework on WTO issues. We reiterate the decision under the Strategy for BRICS Economic Partnership 2025 to take actions to support the necessary WTO reform to enhance the WTO’s resilience, authority and efficacy, and promote development and inclusivity.
We are deeply concerned about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy, international trade, and the achievement of the sustainable development goals. Such measures undermine the UN Charter, the multilateral trading system, the sustainable development and environmental agreements. They also negatively impact economic growth, energy, health and food security exacerbating poverty and environmental challenges.
We reaffirm our commitment to maintaining a strong and effective Global Financial Safety Net with a quota-based and adequately resourced IMF at its center. We call for the reform of the Bretton Woods institutions, which includes increased representation of EMDCs in leadership positions to reflect the contribution of EMDCs to the global economy. We support a merit-based, inclusive and equitable selection process for the top positions at the Bretton Woods institutions, increased geographical representation and the role and share of women. We note the quota increase at the 16th General Review of Quotas (GRQ) and urge members to secure domestic approvals to make quota increase effective. We welcome the decision to create a 25th chair at the IMF Executive Board to enhance the voice and representation of Sub-Saharan Africa. We acknowledge the urgency and importance of realignment in quota shares to better reflect members’ relative positions in the world economy, while protecting the quota shares of the EMDCs, in particular, the poorest members. We welcome the IMF Executive Board’s ongoing work to develop by June 2025 possible approaches as a guide for further quota realignment, including through a new quota formula, under the 17th GRQ. The discussions should result in quota realignment that is fair and transparent, enhances the representation of underrepresented IMF members, and transfers quota share from advanced economies to EMDCs. We look forward to the International Bank for Reconstruction and Development (IBRD) 2025 Shareholding Review.
We reiterate that the objectives, principles and provisions of the United Nations Framework Convention on Climate Change (UNFCCC), its Kyoto Protocol and its Paris Agreement, including its principles of equity and common but differentiated responsibilities and respective capabilities (CBDR-RC) in the light of different national circumstances, must be honoured. We condemn unilateral measures introduced under the pretext of climate and environmental concerns and reiterate our commitment to enhancing coordination on these issues. We will strengthen cooperation on a whole range of solutions and technologies that contribute to the reduction and removal of Greenhouse Gases (GHGs). We also note the role of carbon sinks in absorbing GHGs and mitigating climate change, whilst also highlighting the importance of adaptation and stressing the need for the adequate provision of the means of implementation, namely financial resources, technology transfer and capacity building.
We reiterate that the unilateral coercive measures, inter-alia in the form of unilateral economic sanctions and secondary sanctions that are contrary to international law, have far-reaching implications for the human rights, including the right to development, of the general population of targeted states, disproportionally affecting the poor and people in vulnerable situations. Therefore, we call for their elimination.
On the Middle East conflict, the statement says:
“We reiterate our grave concern at the deterioration of the situation and humanitarian crisis in the Occupied Palestinian Territory, in particular the unprecedented escalation of violence in the Gaza Strip and in West Bank as a result of the Israeli military offensive, which led to mass killing and injury of civilians, forced displacement and widespread destruction of civilian infrastructure. We stress the urgent need for an immediate, comprehensive and permanent ceasefire in the Gaza Strip, the immediate and unconditional release of all hostages and detainees from both sides who are being illegally held captive and the unhindered sustainable and at scale supply of humanitarian aid to the Gaza Strip, and cessation of all aggressive actions. We denounce the Israeli attacks against humanitarian operations, facilities, personnel and distribution points. For this purpose, we call for the full implementation of resolutions 2712 (2023), 2720 (2024), 2728 (2024) and 2735 (2024) of the United Nations Security Council and in this regard welcome the continuous efforts by the Arab Republic of Egypt, the State of Qatar, other regional and international efforts in order to reach immediate ceasefire, accelerate the delivery of humanitarian aid and Israel’s withdrawal from the Gaza Strip. We call for adherence to international law. We are also alarmed that the further escalation of the conflict in the Gaza Strip fuel tension, extremism and severe negative consequences both regionally and globally. We call on all relevant parties to act with utmost restraint and to avoid escalatory actions and provocative declarations. We acknowledge the provisional measures of the International Court of Justice in the legal proceedings instituted by South Africa against Israel. We reaffirm our support for the State of Palestine’s full membership in the United Nations in the context of the unwavering commitment to the vision of the two-state solution based on international law including relevant UNSC and UNGA resolutions and the Arab Peace Initiative that includes the establishment of a sovereign, independent and viable State of Palestine in line with internationally recognised borders of June 1967 with East Jerusalem as its capital living side by side in peace and security with Israel.”
We express alarm over the situation in Southern Lebanon. We condemn the loss of civilian lives and the immense damage to civilian infrastructure resulting from attacks by Israel in residential areas in Lebanon and call for immediate cessation of military acts. We stress the need to preserve the sovereignty and territorial integrity of the State of Lebanon and to create conditions for political and diplomatic solution in order to safeguard peace and stability in the Middle East while underlining the importance of strict observance of UNSC resolutions 1701 (2006) and 2749 (2024). We strongly condemn attacks on UN personnel, threats to their safety and call upon Israel to immediately cease such activity.
We express our concern over the increasing incidents of terrorist attacks linked with ICT capabilities. In this regard, we condemn the premeditated terrorist act of detonating handheld communication devices in Beirut on 17 September 2024, resulted in the loss of life and injury of dozens of civilians. We reiterate that these attacks constitute a grave violation of International Law. We stress the importance of ensuring the exercise of navigational rights and freedoms of vessels of all states in the Red Sea and Bab Al-Mandab Strait, in accordance with international law. We encourage enhanced diplomatic efforts by all parties to that end, including by addressing the causes of the conflict, and continued support for dialogue and Yemen’s peace process under UN auspices. We stress that Syria’s sovereignty and territorial integrity must be strictly observed. We condemn illegal foreign military presence that lead to increasing risks of a large-scale conflict in the region. We emphasize that illegal unilateral sanctions seriously exacerbate the suffering of the Syrian people. We condemn the attack against the diplomatic premises of the Islamic Republic of Iran in the Syrian capital Damascus by Israel on 1 April 2024 that constitutes a violation of the fundamental principle of the inviolability of diplomatic and consular premises under the 1961 Vienna Convention on Diplomatic Relations and the 1963 Vienna Convention on Consular Relations.
On the war in Ukraine, all we have is this: “We recall national positions concerning the situation in and around Ukraine as expressed in the appropriate fora, including the UNSC and the UNGA. We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation. We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy.”
Other security issues referenced are those in Sudan, Haiti, non-proliferation and disarmament, terrorism, prevention of an arms race in outer space, informatio and misinformation, corruption, drug production, trafficking and abuse, the situation in Afghanistan, etc.
On Afghanistan, two points worth noting are:
We urge for more visible and verifiable measures in Afghanistan to ensure that the territory of Afghanistan is not used by terrorists.
We call on Afghanistan authorities to reverse the effective ban on girl’s secondary and higher education.
On development issues, the document says:
We believe it is necessary to address the international debt properly and in a holistic manner to support economic recovery and sustainable development, taking into account each nation’s laws and internal procedures, accompanied by sustainable external debt and fiscal prudence. We recognise the need to address in an effective, comprehensive and systematic manner the debt vulnerabilities of both low and middle income countries. One of the instruments, amongst others, to collectively address debt vulnerabilities is through predictable, orderly, timely and coordinated implementation of the G20 Common Framework for Debt Treatment with the participation of official bilateral creditors, private creditors and Multilateral Development Banks (MDBs) in line with the principle of joint action and fair burden-sharing.
We support the NDB in continuously expanding local currency financing and strengthening innovation in investment and financing tools. We encourage the Bank to follow member-led and demand-driven principles, the employment of innovative financing mechanisms to mobilize financing from diversified sources, and in this regard, we acknowledge the initiative to create new investment platform to leverage the existing institutional infrastructure of the NDB to boost the investment flow into the countries of BRICS and the Global South mechanisms. We support the enhancement of capacity building and knowledge exchange, including by building synergies with knowledge sources from developing countries, the assistance of member countries in achieving the SDGs and the further improvement of efficiency and effectiveness to fulfill its mandate, aiming to be a premier multilateral development institution for EMDCs. We agree to jointly develop the New Development Bank into a new type of MDB in the 21st century. We urge the Bank to execute its purpose and functions in accordance with the Articles of Agreement of the New Development Bank in a fair and non-discriminatory manner. We support the further expansion of NDB membership and expedited consideration of applications of BRICS countries in line with the NDB General Strategy and related policies.
We reiterate our commitment to enhancing financial cooperation within BRICS. We recognise the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners. We encourage strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative (BCBPI), which is voluntary and non-binding, and look forward to further discussions in this area, including in the BRICS Payment Task Force.
We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure, as well as BRICS independent reinsurance capacity, including BRICS (Re) Insurance Company, with participation on a voluntary basis.
We reaffirm the need to develop a fair agricultural trading system and implement resilient and sustainable agriculture. We commit to minimize disruptions and promote rules-based trade in agriculture and fertilizers with the view to ensure a continuous flow of food and essential inputs for agricultural production which should be exempted from undue restrictive economic measures, inconsistent with WTO rules, including those affecting producers and exporters of agricultural products as well as business services with regard to international shipments. In this regard, we welcome the initiative of the Russian side to establish a grain (commodities) trading platform within BRICS (the BRICS Grain Exchange) and to subsequently develop it including expanding it to other agricultural sectors.
We reject unilateral, punitive and discriminatory protectionist measures, that are not in line with international law, under the pretext of environmental concerns, such as unilateral and discriminatory carbon border adjustment mechanisms (CBAMs), due diligence requirements, taxes and other measures and reconfirm our full support for the call in COP28 related to avoidance of unilateral trade measures based on climate or environment. We also oppose unilateral protectionist measures, which deliberately disrupt the global supply and production chains and distort competition.
We welcome the establishment of the Contact Group on Climate Change and Sustainable Development by BRICS Environment Ministers on 28 June 2024 in Nizhny Novgorod and the adoption of the Framework on Climate Change and Sustainable Development at the High-level Dialogue on Climate Change (30 August 2024, Moscow). We look forward to establishing the BRICS Climate Research Platform (BCRP) to enhance the scientific and expert exchange of views, knowledge and best practices of the grouping.
There’s a lot after this on health, tourism, disaster prevention, competition law and policy, customs and tax, IP cooperation, people-to-people exchanges, science, education, culture, etc.