BRICS asks ministers to develop partner-country model

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.

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.

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.

The bank signed a US$2 billion facility, including an optional increase, diversifying how it raises capital for development lending.

Egypt joined the leaders’ grouping following the Johannesburg invitation. This is separate from its earlier entry into the New Development Bank.