SPUTNIK: WHAT’S INSIDE BRICS SUMMIT’S KAZAN DECLARATION?

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WHAT’S INSIDE BRICS SUMMIT’S KAZAN DECLARATION?

BRICS has adopted the final declaration of its Summit in Kazan, Russia, with plans to submit the document to the UN.

Here’s what’s inside:

Need for reform of global institutions:

🔸 The Bretton Woods international financial system’s institutions, including the World Trade Organization, should be reformed to better represent developing countries’ interests.

🔸 BRICS opposes “unilateral, prohibitive, discriminatory and protectionist” measures taken under the pretext of fighting global climate change, including carbon emissions adjustment mechanisms and taxes.

🔸 BRICS supports comprehensive reform of the United Nations, including the Security Council, to make it more representative, and notes its centrality in the system of relations between nations.

New initiatives:

🔸 BRICS members recognize the potential of information and communication technologies in bridging the digital divide between nations to aid socio-economic development.

🔸 BRICS intends to transform the New Development bank to serve the needs of the 21st century.

🔸 BRICS supports the creation of a New Technology Platform to strengthen development cooperation, including by creating high-tech products using domestic technological potential to fuel “sustainable and inclusive” growth.

🔸 The organization agrees to explore the creation of an independent cross-border settlement and depository infrastructure known as BRICS Clear.

🔸 BRICS is ready to strengthen cooperation to develop medicines, including vaccines and nuclear medicine projects.

🔸 BRICS welcomes the creation a united transport and logistics platform.

🔸 The declaration supports Russia’s proposal to create a Grain Exchange to “promote rules-based trade in agricultural products and fertilizers and minimize disruptions.”

CONTINUED…

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