When the leaders of the Brics nations met in Johannesburg this week they deliberated on global economic, financial and political issues.
Chair of the 15th Brics summit, President Cyril Ramaphosa, said the leaders — Brazil’s Luiz Inácio Lula da Silva, Russia's Vladimir Putin, Indian Prime Minister Narendra Modi and China’s Xi Jinping concluded the summit on Wednesday.
Putin participated virtually.
This is the first in-person summit since the emergence of the Covid-19 pandemic in 2020.
Delivering the “Johannesburg Declaration II” at the Sandton Convention Centre, Ramaphosa said the leaders discussed the expansion of the Brics economic bloc to generate tangible benefits, addressed the challenges of the global south, including the need for beneficial economic growth, sustainable development and reform of multilateral systems.
He said the leaders reiterated their commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the UN Charter.
“We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation.”
He said the meeting noted an unbalanced recovery from the hardship of the Covid-19 pandemic is worsening inequality around the world.
“We encourage multilateral financial institutions and international organisations to play a constructive role in building global consensus on economic policies. We have noted there is global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems.
“As Brics, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture. The summit agreed to task the Brics finance ministers and central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit,” said Ramaphosa.
The leaders adopted the declaration which reflects key Brics positions on matters of global economic, financial and political importance, he said.
On expansion of the bloc, Ramaphosa said the five Brics countries reached agreement on guiding principles, standards, criteria and procedures.
There was consensus on the first phase of expansion and further phases would follow.
“We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become full members of Brics.”
The membership will take effect from January 1 2024.
Ramaphosa also announced foreign ministers have been tasked with developing the Brics partner country model and a list of prospective partner countries and report by the next summit.
Later on Thursday, Ramaphosa and Xi will co-chair the Brics-Africa outreach and Brics Plus dialogue.
TimesLIVE
What you need to know about the Brics Johannesburg declaration
Image: Thapelo Morebudi
When the leaders of the Brics nations met in Johannesburg this week they deliberated on global economic, financial and political issues.
Chair of the 15th Brics summit, President Cyril Ramaphosa, said the leaders — Brazil’s Luiz Inácio Lula da Silva, Russia's Vladimir Putin, Indian Prime Minister Narendra Modi and China’s Xi Jinping concluded the summit on Wednesday.
Putin participated virtually.
This is the first in-person summit since the emergence of the Covid-19 pandemic in 2020.
Delivering the “Johannesburg Declaration II” at the Sandton Convention Centre, Ramaphosa said the leaders discussed the expansion of the Brics economic bloc to generate tangible benefits, addressed the challenges of the global south, including the need for beneficial economic growth, sustainable development and reform of multilateral systems.
He said the leaders reiterated their commitment to inclusive multilateralism and upholding international law, including the purposes and principles enshrined in the UN Charter.
“We are concerned about ongoing conflicts in many parts of the world. We stress our commitment to the peaceful resolution of differences and disputes through dialogue and inclusive consultation.”
He said the meeting noted an unbalanced recovery from the hardship of the Covid-19 pandemic is worsening inequality around the world.
“We encourage multilateral financial institutions and international organisations to play a constructive role in building global consensus on economic policies. We have noted there is global momentum for the use of local currencies, alternative financial arrangements and alternative payment systems.
“As Brics, we are ready to explore opportunities for improving the stability, reliability and fairness of the global financial architecture. The summit agreed to task the Brics finance ministers and central bank governors, as appropriate, to consider the issue of local currencies, payment instruments and platforms and report back to the leaders by the next summit,” said Ramaphosa.
The leaders adopted the declaration which reflects key Brics positions on matters of global economic, financial and political importance, he said.
On expansion of the bloc, Ramaphosa said the five Brics countries reached agreement on guiding principles, standards, criteria and procedures.
There was consensus on the first phase of expansion and further phases would follow.
“We have decided to invite Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates to become full members of Brics.”
The membership will take effect from January 1 2024.
Ramaphosa also announced foreign ministers have been tasked with developing the Brics partner country model and a list of prospective partner countries and report by the next summit.
Later on Thursday, Ramaphosa and Xi will co-chair the Brics-Africa outreach and Brics Plus dialogue.
TimesLIVE
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