On Wednesday BRICS nations agreed to strength trade and financial settlement within their local currencies . All the leader of BRICS nation’s agreed to jointed development Bank,which is a new type of multi-lateral development Bank.
During the 16th summit which is held at Kazan a declaration issued in which all the BRICS leaders Committed to increase financial co-operations within BRICS.
They said that “we recognise the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimising trade barriers. We welcome the use of use of local currencies in financial transactions between BRICS countries and their trading partners.”
BRICS Countries :
Founding member :
- Brazil
- Russia
- India
- China
- South Africa
Where as Egypt, Ethiopia, Saudi Arabia and the UAE are the additional 5 member and all of these 10 members collectively form BRICS.
During the 16th summit our Prime minister Narender Modi make a call for dialogue and diplomacy being the only way to resolve conflicts in place of war in relation to Ukraine and Russia.
In the 2024 BRICS summit the theme was “Strengthening multilateral-ism for just Global development and security.”
16th BRICS summit host by Russia in Kazan. During the hosting of 16 BRICS summit Russia passed several messages to western countries and worldwide. This is the first ever biggest such conference which is held in Russia after Ukraine war began in 2022.
The Kazan Declaration send a message on the strengthening economic bonds within the group which together represents a 1/3rd of global GDP. They sent a message that the sanctions against members of BRICS ( like Russia & Iran) are not acceptable at all.