BRICS declaration calls for use of local currency to boost trade

Member countries of BRICS (Brazil, Russia, India, China and South Africa) on Wednesday called for reforms in international institutions, pushing for a “just” and democratic global order. During the 16th annual BRICS summit held in Kazan, Russia, the group also advocated for trade in local currencies, reaffirmed the UN’s central role in the international order and criticised Israel for its actions in Gaza, Lebanon and Iran.

The summit culminated in a 134-paragraph “Kazan Declaration”, which emphasised the need for international bodies to reflect contemporary realities. The declaration upheld the UN’s importance in maintaining international peace and security.

In his speech at the closed plenary session, Prime Minister Narendra Modi stressed that BRICS should aim to reform global institutions rather than replace them. “The BRICS should keep in mind that its image should be for seeking reform in global institutions and not to replace them,” he said, addressing concerns that BRICS could be perceived as an anti-Western bloc.

Modi urged BRICS to unite in seeking reforms in key global institutions, including the UN Security Council, Multilateral Development Banks and the World Trade Organisation (WTO). BRICS reaffirmed its support for comprehensive UN reform, particularly by increasing the representation of developing countries in the Security Council.

Modi also emphasised India’s stance on international conflicts, stating that India supports “dialogue and diplomacy, not war”, without explicitly mentioning the Russia-Ukraine conflict or the ongoing violence in West Asia.

On terrorism, Modi called for strong and unanimous cooperation within BRICS to tackle terrorism and terror financing, stressing that there should be no double standards on this critical issue. This was an indirect reference to China’s stance on terrorism emanating from Pakistan. Modi also pressed for progress on a long-pending comprehensive convention on international terrorism within the UN, urging BRICS to work together on the matter.

India expressed readiness to welcome new countries as BRICS partner nations, but Modi emphasized that decisions regarding new memberships should be unanimous, with the views of the BRICS founding members respected. This comment alluded to several pending membership requests, including from Pakistan.

The summit also addressed the issue of sanctions, particularly those imposed on Russia. The BRICS nations expressed deep concern about “unlawful unilateral coercive measures, including illegal sanctions” and their impact on the global economy. The Kazan Declaration also dealt with the ongoing conflict in West Asia, calling for an immediate, comprehensive, and permanent ceasefire in the Gaza Strip. It called for the immediate and unconditional release of all hostages and detainees held by both sides.

Cyber attack hits Russian ministry

• The Russian Foreign Ministry was targeted by a severe cyber attack on Wednesday, coinciding with the BRICS summit taking place in the country, spokeswoman Maria Zakharova said
• Zakharova said the ministry had been targeted by a large-scale distributed denial-of-service attack