On Wednesday, the BRICS countries voiced deep concern about the destructive impact of illegal unilateral coercive measures on the world economy, international trade, and achieving the Sustainable Development Goals. 🌍
In the Kazan Declaration issued at the 16th BRICS Summit, the member nations called for reforming the Bretton Woods system to enhance the representation of emerging markets and developing countries.
The countries agreed to support the New Development Bank (NDB) in implementing its general strategy for 2022-2026 and in expanding local currency financing. 💸
They also committed to building the NDB into a new type of multilateral development bank for the 21st century, supporting its further expansion of membership, and expediting the review of membership applications from BRICS countries in line with its general strategy and related policies.
According to the declaration, the BRICS nations are encouraged to strengthen financial cooperation and promote local currency settlement. 💱
New centers of power, policy decision-making, and economic growth are emerging globally, paving the way for a more equitable, just, democratic, and balanced multipolar world order. This trend offers more opportunities for emerging markets and developing countries to benefit from universally beneficial and inclusive economic globalization. ✨
