• Prime Minister Narendra Modi participated in the 16th BRICS Summit held under Russia’s chairship in Kazan on October 23.
• The BRICS leaders had productive discussions including on strengthening multilateralism, countering terrorism, fostering economic growth, pursuing sustainable development and bringing spotlight on the concerns of the Global South.
• The leaders welcomed the 13 new BRICS partner countries.
• BRICS nations agreed to strengthen trade and financial settlement in local currencies, study feasibility of an independent cross-border settlement and depositary infrastructure, and a BRICS reinsurance company.
• The leaders also agreed to jointly develop the New Development Bank into a new type of Multilateral Development Bank (MDB) in the 21st century and supported further expansion of the BRICS-led bank’s membership.
• At the conclusion of the Summit, the leaders adopted the ‘Kazan Declaration’.
Key points of the Kazan Declaration:
1) Geopolitical Concerns
• Ukraine Conflict: Emphasized the need for peaceful resolution through diplomacy and dialogue. Reiterated adherence to the principles of the United Nations Charter and welcomed mediation efforts.
• Palestine Situation: Expressed grave concern over the humanitarian crisis in the Occupied Palestinian Territory, particularly in Gaza and the West Bank.
• Middle East Crisis: Condemned civilian casualties and damage to infrastructure in Southern Lebanon. The leaders called for an immediate cessation of military actions affecting civilians.
2) Global Governance and Multilateralism
• G20 Role: Recognized the importance of the G20 in global decision-making and advocated for consensus-based outcomes.
• Financial Architecture Reform: Pledged to improve global governance by reforming the international financial system for greater inclusivity and responsiveness.
• Financial Innovation: Supported the BRICS Interbank Cooperation Mechanism to facilitate innovative financial practices and promote economic cooperation.
• International Monetary Fund: Reaffirmed commitment to maintaining a strong and effective IMF as part of a global financial safety net.
3) Economic Cooperation and Local Currencies
• Cross-Border Payments: Agreed to strengthen trade and financial transactions using local currencies to enhance efficiency and reduce costs.
• BRICS Grain Exchange: Welcomed the initiative to establish a grain trading platform within BRICS to facilitate commodity trading.
• BRICS Plus Partnership: Endorsed the creation of a BRICS Partner Country category, welcoming new member countries from the Global South, including Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
4) Pandemic Preparedness and Environmental Conservation
• Health Initiatives: Emphasized collaboration to strengthen health systems, including support for the BRICS R&D Vaccine Center and the BRICS Integrated Early Warning System for infectious disease prevention.
• Antimicrobial Resistance (AMR): Recognised the threat of AMR and welcomed outcomes from the UNGA High-Level Meeting on AMR, and noted the timeliness of holding the first BRICS Conference on AMR in May 2024.
• Big Cats Conservation: Supported India’s initiative to create an International Big Cats Alliance, committing to collaborative efforts for preserving endangered species.
(The author is a trainer for Civil Services aspirants.)