BRICS declaration calls for reform of global institutions

The bank’s governors unanimously elected the former Brazilian president, effective immediately, to lead its development-finance work.

The eighth annual meeting discussed the bank’s development role and was its first governors meeting at the new headquarters.

The ministers’ joint statement preceded the summit and supported more representative multilateral institutions and cooperation among developing economies.

The bank issued ZAR 1.5 billion across three- and five-year tranches in South Africa, a step toward raising more development finance in members’ currencies.

At the summit in South Africa, leaders placed African development, inclusive multilateralism and sustainable growth at the centre of BRICS cooperation.

The declaration connected African trade integration with infrastructure, local value addition and moving beyond dependence on commodity exports.

The BRICS MSMEs Cooperation Framework emphasized access to finance, skills and cross-border networks, with particular attention to women- and youth-owned firms.

Finance ministers and central bank governors were asked to consider local currencies and payment instruments and report back by the next summit. No common currency was launched.

The five members reached consensus on criteria and procedures for expansion and recorded invitations to six states to become members from January 2024. Invitation and entry are different milestones.

Leaders tasked foreign ministers with designing a partner category and prospective list for future outreach beyond full membership.