In their latest summit, the BRICS nations issued a comprehensive declaration addressing critical global issues, from the ongoing conflict in Ukraine to humanitarian crises in the Middle East, and highlighted their collective stance on Western sanctions and the need for financial reform. The declaration, reflecting the shared priorities and concerns of Brazil, Russia, India, China, and South Africa, emphasized mediation in global conflicts, fairer international trade, and a focus on regional development.
Position on Ukraine
The BRICS nations underscored the importance of adhering to the principles outlined in the United Nations Charter, specifically calling on states to act in line with the Charter’s purposes to achieve lasting peace. “We emphasize that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation,” the statement noted. The group also acknowledged existing mediation proposals, expressing hope for a peaceful resolution through diplomacy and dialogue.
Concern Over the Middle East Conflict
The declaration expressed deep concern over the deteriorating humanitarian situation in the Palestinian territories, particularly the heightened violence in Gaza and the West Bank. “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,” the statement read, condemning the violence that has resulted in civilian casualties, displacement, and significant damage to infrastructure. The group also voiced alarm over the recent escalation in Southern Lebanon, condemning attacks that have affected civilian lives and called for an immediate end to military aggression.
Opposition to Western Sanctions
The BRICS bloc criticized the impact of unilateral sanctions imposed by Western nations, emphasizing their “disruptive effect on the world economy, international trade, and sustainable development goals.” The group highlighted the sanctions as a barrier to achieving broader economic stability and growth, particularly in emerging economies.
Reform of the Global Financial System
A critical component of the declaration was the BRICS’ stance on the need to reform the international financial architecture. “We underscore the need to reform the current international financial architecture to meet the global financial challenges,” they stated, stressing the importance of a more inclusive and fair global financial governance structure to support economic stability and address the needs of developing nations.
BRICS Grain Exchange Initiative
In a step toward greater economic collaboration within the bloc, BRICS welcomed a Russian proposal for a BRICS Grain Exchange. This proposed platform would initially serve as a commodities trading exchange and aims to expand to other agricultural sectors over time, helping member countries to bolster food security and streamline commodity trade.
Cross-Border Payment System
The Kazan declaration recognized the potential benefits of creating a cross-border payment system that is fast, low-cost, and accessible. “We recognize the widespread benefits of faster, low-cost, more efficient, transparent, safe, and inclusive cross-border payment instruments,” the declaration noted, highlighting the potential of this system to reduce trade barriers and foster financial integration. Additionally, the statement welcomed the use of local currencies in transactions among BRICS nations and their partners, which could ease trade and reduce dependency on a single global currency.
Consideration of BRICS Clear Depository
A novel concept introduced at the summit was BRICS Clear, a proposed independent cross-border settlement and depository infrastructure to complement the current financial market systems. The BRICS members agreed to study its feasibility, which would include voluntary participation and the potential for an independent (Re)Insurance Company. This infrastructure could bolster regional financial stability by reducing reliance on external institutions.
Encouraging Financial Innovation
The BRICS Interbank Cooperation Mechanism (ICM) is focusing on innovative financial practices to improve financing within the bloc. The group supports expanding financing mechanisms for projects within BRICS countries, particularly those involving local currencies, thereby promoting economic resilience and stability across their markets.
Support for the IMF and Global Safety Net
In their declaration, BRICS reaffirmed a commitment to a strong International Monetary Fund (IMF) with an adequate quota-based safety net. They highlighted the IMF’s central role in the Global Financial Safety Net, advocating for resources that reflect global economic realities and ensure financial resilience.
Commitment to G20 Cooperation
BRICS acknowledged the significance of the G20 as a platform for global economic collaboration, calling for continued cooperation based on consensus-driven outcomes. “We recognize the importance of the continued and productive functioning of the G20, based on consensus with a focus on result-oriented outcomes,” the statement noted, reflecting the bloc’s commitment to multilateral solutions.
Prevention of Future Pandemics
Learning from recent global health crises, BRICS voiced support for initiatives aimed at preventing future pandemics. This includes backing for the BRICS R&D Vaccine Center and the establishment of an Integrated Early Warning System to detect and respond to emerging infectious disease threats. Such initiatives demonstrate BRICS’ prioritization of public health as a critical aspect of regional and global security.
Support for Big Cats Conservation
Recognizing the environmental and cultural significance of preserving vulnerable big cat species, BRICS applauded India’s proposal for an International Big Cats Alliance. “While appreciating the efforts of our countries to preserve rare species and noting the high vulnerability of big cats,” the statement read, the BRICS nations pledged to work together to support conservation efforts. This reflects BRICS’ commitment to biodiversity and shared environmental goals.
The Kazan declaration addresses pressing global issues, advocating for peace, economic stability, and cooperative measures within the BRICS bloc. The document reflects a unified stance on a range of complex issues, calling for reforms in global financial systems, humanitarian support, and initiatives to prevent future pandemics and protect biodiversity. The declaration highlights BRICS’ ambition to play a pivotal role in reshaping the world order, promoting regional interests and striving for a balanced approach to international relations.
https://www.reuters.com/world/factobox-main-points-brics-declaration-2024-10-23/