BRICS pitches for using local currencies in international trade

BRICS, International Trade
Image Source: ANI BRICS advocates use of local currencies in international trade

Cape Town: BRICS nations on Friday underlined the need for the use of local currencies in international trade and financial transactions besides committing themselves to support rules-based open and transparent global trade. A joint statement issued at the end of the BRICS Ministers of Foreign Affairs and International Relations meeting also called for a stronger global financial safety net, with a quota-based and adequately resourced International Monetary Fund (IMF) at the center.

It further said that the IMF governance reform process under the 16th General Review of Quotas, which includes a new quota formula as a guide, should be completed by December 15, 2023. In a joint statement titled ‘The Cape of Good Hope’, the ministers stated their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO), developing countries With special and differential treatment (S&DT) for developed countries, including at least.

“They stressed their support for working towards positive and meaningful outcomes on the issues at the 13th Ministerial Conference (MC13). They called for MC13 to engage constructively in advancing needed WTO reform with a view to presenting concrete deliverables He called for the restoration of a fully and well-functioning dispute settlement system for all members by 2024, and the selection of new Appellate Body members without further delay.

He said he condemned unilateral protectionist measures under the pretext of environmental concerns, such as one-sided and discriminatory carbon cap adjustment mechanisms, taxes and other measures. BRICS (Brazil-Russia-India-China-South Africa) brings together the world’s five largest developing countries, representing 41 percent of the global population, 24 percent of global GDP and 16 percent of global trade. ,

The Ministers recognized the impact on the world economy of unilateral approaches in violation of international law and noted that the situation is further complicated by unilateral economic coercive measures such as sanctions, boycotts, sanctions and blockades. The two-day ministerial meeting emphasized the importance of financial inclusion so that citizens can reap the benefits of economic growth and prosperity and welcomed several new technological tools for financial inclusion developed in BRICS countries that contribute to ensuring full participation of citizens Can in the formal economy.

It also congratulated former Brazilian President Dilma Rousseff for being elected as the President of the New Development Bank (NDB) and expressed confidence that it would contribute to strengthening the NDB to effectively achieve its mandate. He exhorted the NDB to adhere to a member-led and demand-driven principle, mobilize financing from diverse sources, enhance innovation and knowledge exchange, assist member countries in achieving the SDGs, and build efficiency to fulfill their mandates. And encouraged to improve effectiveness, aiming to become a major. Multilateral Development Institute, it said.

The Ministers stressed that ensuring energy security is an important foundation for economic development, social stability, national security and well-being of all countries around the world. They called for resilient global supply chains and predictable, stable energy demand to ensure universal access to affordable, reliable, sustainable and modern energy sources.

They stressed the importance of enhancing energy security and market stability by strengthening value chains, promoting open, transparent and competitive markets, and ensuring the protection of critical energy infrastructure. Strongly condemn the terrorist attacks.” , and against other vulnerable targets,” it said.

The BRICS countries proposed to hold the next summit in South Africa in August this year.

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