First BRICS Parliamentary Forum meets in Moscow

The leaders emphasized inclusive growth, multilateralism and outreach to other developing countries while approving new financial institutions.

The founding agreement established a bank to mobilize finance for infrastructure and sustainable development in BRICS and other emerging and developing countries.

The five states signed a separate mutual reserve arrangement designed to help members facing short-term balance-of-payments pressure.

The leaders decided that the new bank would be headquartered in Shanghai and would establish an African regional centre in South Africa.

In Brasília, the five BRICS leaders met heads of government from South America, extending dialogue on development and regional cooperation.

The bank’s governors met in Moscow shortly before the Ufa summit. The institution moved from a signed agreement toward operational governance.

The leaders adopted a cooperation strategy covering trade, investment, manufacturing and other areas, aiming to coordinate development priorities among the five countries.

The Ufa Declaration called for more representative international institutions and linked BRICS cooperation to development and a multipolar world order.

Central bank representatives met in Ankara to put the Contingent Reserve Arrangement into practice as a mutual liquidity support mechanism.

The bank signed agreements with China and Shanghai governing its headquarters; the bank described this as the step that made it fully operational.