Speaking at the BRICS+ Summit in Kazan, Russia, UN Secretary-General António Guterres criticizes the current global financial architecture as “outdated,” “inefficient,” and “unfair”.
He highlighted challenges like the rising conflict, the devastation of climate change, pollution, and biodiversity loss that increase the vulnerability of developing countries, stressing inequalities in the global system.
“A lack of representation of voices for developing countries in the global decision-making tables from the Security Council to the broad UN system and beyond. This must change,” emphasized Guterres.
During the summit, the BRICS+ leaders also emphasized the need for reform in international institutions and financial structures.
“The reform of the UN development institutions and global financial structures is long overdue,” said Vladimir Putin, President of the Russian Federation.
Xi Jinping, President of China, has also urged the members of the block to lead the reform of the global economic governance system.
The BRICS nations have reaffirmed their commitment to a rules-based, open, transparent, and fair multilateral trading system through Kazan Declaration.
“We underscore the need to reform the current international financial architecture to meet the global financial challenges including global economic governance to make the international financial architecture more inclusive and just,” reads the declaration.
They have welcomed the Russian initiative to establish a “grain (commodities) trading platform within BRICS (the BRICS Grain Exchange) and to subsequently develop it including expanding it to other agricultural sectors.”
“We recognise the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners,” reads the declaration.
BRICS+ Summit kickstarts in Russia’s city of Kazan, stressing “global majority”
The 16th BRICS Plus/Outreach Summit 2024 has ended today with the new member states—Ethiopia, Egypt, Iran, UAE, and Saudi Arabia have participated and delivered speeches for the first time.
Leaders of the 36 nations, including 22 heads of state, heads of delegates and representatives of the international organizations attended the event, themed, “Strengthening Multilateralism for Just Global Development and Security.”
