KUALA LUMPUR: The BRICS bloc has reinforced its stance on fair global trade, opposing unilateral protectionist measures disguised as environmental policies.
In the 17th BRICS Rio De Janeiro Declaration, the group emphasised adherence to international law while pushing for greater representation of emerging economies in global financial institutions.
The declaration, spanning 31 pages, highlighted the need to increase quotas for developing nations in the International Monetary Fund (IMF) and enhance their World Bank shareholding.
“We reiterate the need to increase the quota of emerging and developing countries in the IMF,“ the document stated.
Held under the theme “Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance,“ the summit also explored financial cooperation. BRICS members agreed to advance discussions on local currency usage in trade and investments, alongside plans for a BRICS Multilateral Guarantees (BMG) initiative and improved reinsurance frameworks.
Artificial Intelligence (AI) emerged as a key focus, with BRICS recognising its potential to drive development while calling for risk-mitigating governance. “Global governance of AI should address the needs of all countries, including those of the Global South,“ the declaration noted. The group urged collective efforts under UN leadership to ensure inclusive AI policies.
Indonesia officially joined BRICS, while Malaysia, Thailand, Vietnam and others were welcomed as partner countries. The bloc, originally formed by Brazil, Russia, India and China, expanded to include South Africa in 2011 and several Middle Eastern and African nations in recent years. - Bernama
