Kashmir Impulse Desk
New Delhi, Sep 12
BRICS leaders adopted a wide-ranging declaration on Saturday backing greater representation for developing countries in global institutions, including support for India and Brazil to play a larger role in the United Nations Security Council.
The 140-point New Delhi Declaration was adopted on the opening day of the two-day BRICS summit hosted by India. The grouping is marking 20 years since its founding.
China and Russia reiterated their support for the aspirations of India and Brazil to assume a greater role at the United Nations, including permanent membership of the Security Council, the declaration said.
The bloc also backed the aspirations of African countries under the Ezulwini Consensus and Sirte Declaration, calling for reforms that would give developing nations a greater voice.
The declaration criticised the concentration of power in international institutions and called for changes to global governance structures to reflect current economic and geopolitical realities.
It also called for reforms to the international financial system, including implementation of the International Monetary Fund’s 16th General Review of Quotas and progress under its 17th review.
BRICS leaders said the representation and voting power of emerging economies in international financial institutions should better reflect their economic weight. They also called for open and merit-based selection of leaders at the IMF and World Bank.
On trade, the bloc criticised unilateral protectionist measures and carbon border adjustment measures, saying they distorted trade and conflicted with World Trade Organization principles.
The leaders called for the restoration of the WTO’s dispute-settlement Appellate Body and welcomed the accession procedures of Iran and Ethiopia.
The declaration also outlined steps to deepen financial cooperation within BRICS, including expanding local-currency settlements and testing interoperability between member countries’ payment systems.
Members advanced work on a BRICS Insurance Resilience Centre and considered an Indian proposal for a BRICS Risk Lab at Gujarat’s GIFT City.
The bloc also agreed to examine a cross-border invoice discounting mechanism to improve liquidity for small and medium-sized exporters and endorsed steps towards operationalising a BRICS Grain Exchange.
The New Development Bank was directed to expand lending in local currencies.
On international security, BRICS expressed concern over conflicts in the Middle East, called for protection of civilians and civilian infrastructure and opposed demographic changes or forced displacement of Palestinians.
The declaration also called for greater cooperation on artificial intelligence, space, public health, pharmaceuticals and mental health.
India will hand over the rotating BRICS chair to China, which will host the group’s next summit in 2027.
