Leaders of the BRICS nations, meeting in Kazan, Russia, on the second day of their summit, called for a rebalancing of the international order and a greater role for developing countries in global governance.
The expanded Wednesday meeting, chaired by Russian President Vladimir Putin, saw the participation of Egypt’s President Abdel Fattah Al-Sisi, China’s President Xi Jinping, India’s Prime Minister Narendra Modi, Iran’s President Masoud Pezeshkian, South Africa’s President Cyril Ramaphosa, UAE President Mohamed bin Zayed Al Nahyan, Ethiopia’s Prime Minister Abiy Ahmed, and Brazil’s President Lula da Silva, who joined virtually.
Putin proposed new economic initiatives within the BRICS framework, including a BRICS Investment Platform, a Grain Exchange to safeguard national markets from external interference, and a platform for fair competition among member countries. He also suggested a separate platform for precious metals and diamonds.
Al-Sisi highlighted the challenges facing developing countries, including escalating debt issues and insufficient funding for Sustainable Development Goals. He emphasised Egypt’s support for intensified cooperation among BRICS members to address shared challenges and underscored the importance of advancing frameworks for cooperation in areas like local currency settlements.
“Egypt “confirms the importance of cooperation in settlements in national currencies” with its BRICS partners,” Al-Sisi said. “Successive crises sweeping the world in recent years have “unequivocally demonstrated the international system’s inability to fairly address conflicts worldwide.”
“The New BRICS Investment Platform is designed to bolster national economies and facilitate investments among the group’s nations,” Putin said. “Establishing the BRICS Grain Exchange is aimed at safeguarding national markets from external interference and speculation. Setting up a platform for fair competition is needed to promote equitable competition among BRICS member countries. Russia suggests the creation of a separate platform for precious metals and diamonds within the BRICS framework.”
Xi Jinping emphasised the need for reforming the international financial architecture to reflect the changing global power dynamics, stating that BRICS “must play a leading role” in this process. He also called for peace and stability, urging the international community not to allow the escalation of the Ukrainian conflict.
“In the current reality, there is an urgent need to reform the international financial architecture,” Xi Jinping said, “and BRICS “must play a leading role” in promoting a new system which better reflects profound changes to the international economic balance of power. The escalation of the Ukrainian crisis and provocations must not be allowed to occur. “We must build a peaceful BRICS, and act as defenders of common security.”
Modi highlighted the achievements of BRICS in recent years and India’s commitment to deepening cooperation with its partners.
“BRICS has achieved a lot in recent years. I am confident that in the near future this organisation will become a more effective platform for addressing global challenges,” Modi said. “India is committed to deepening cooperation with its BRICS partners.”
Lula da Silva advocated for a new BRICS banking system to reduce costs for commercial relations between member countries, while also stressing the need to prevent global conflicts like those in Ukraine and the Middle East.
The new BRICS banking system “will reduce the costs for our commercial relations,” Lula da Silva said, “not replace existing, national systems. The conflicts in Ukraine and the Middle East could become global – this must not be allowed to take place.”
Pezeshkian asserted that Washington is fueling conflicts worldwide as the era of U.S.-led unipolarity ends. He emphasised the importance of de-dollarisation efforts through a BRICS currency basket and new payment mechanisms. He also called for collective action to ensure Palestinian rights.
“Washington is fueling conflicts around the globe as the era of US-led unipolarity comes to an end,” Pezeshkian said. “Efforts to de-dollarize the global economy must be expanded, including via a basket of BRICS currencies and new payment mechanisms. Efforts should be taken by BRICS members collectively and individually to ensure the rights of the Palestinian people.”
Ramaphosa emphasised the need to realise the full potential of economic partnerships within BRICS, advocating for joint development projects, recalibration of trade routes, and more sustainable industrialization for member nations. He called BRICS “an inclusive formation that has the ability to change the trajectory of the Global South.”
“We must realise the full potential of our economic partnership, to ensure sustainable development for all, and not just for some,” Ramaphosa said. “Joint development projects are needed, and a “recalibration” of trade routes is required to ensure more sustainable industrialization of BRICS members. “BRICS is an inclusive formation that has the ability to change the trajectory of the Global South.”
Abiy Ahmed Ali asserted that BRICS, with its collective voice, population, and economic power, presents a “tremendous opportunity” to be a transformative force for a more equitable world order.
The meeting concluded with the adoption of the Kazan Declaration, which highlighted the importance of expanding cooperation based on common interests, building strategic partnerships, and promoting the active participation of developing countries in global processes. The declaration also expressed concern over the impact of illegal sanctions on the global economy, called for a peaceful resolution of the Ukrainian conflict, and reaffirmed support for multilateralism and the central role of the United Nations in the international system.
The declaration further welcomed the use of national currencies in financial transactions between BRICS members and their trading partners, condemned unilateral measures against climate change, and called for the reform of the Bretton Woods institutions to increase the representation of developing countries. BRICS countries also expressed support for Palestine’s admission as a full member of the UN.
