BRICS leaders commission a study of local-currency payments

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.

Leaders sought stronger developing-country representation in the UN and international financial institutions, including a larger voice in IMF governance.

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.

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.

South Africa’s president publicly named Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the UAE as invitees for membership from January 2024. Their eventual status required separate verification.

Invited leaders from Africa and the wider Global South joined a dialogue on development and more representative global governance. Attendance did not itself confer BRICS membership.

Two agreements totaling US$1.7 billion supported Brazilian environmental and sustainable-development priorities through its national development bank.