#BRICS2024: Kazan Declaration pushes for new financial systems and peace initiatives

Source: Reuters.

The summit also addressed key international challenges, condemning unilateral sanctions and pushing for reforms to the global financial system.

In the Kazan Declaration, Brics leaders outlined significant initiatives, including the establishment of a grain-trading platform, a cross-border payment system, and efforts toward pandemic preparedness.

Below are the key points from the Kazan Declaration, highlighting Brics' approach to global co-operation and financial reform:

Ukraine

The emphasis was on all states needing to act consistently with the purposes and principles of the UN Charter in their entirety and interrelation. The Brics members noted with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy.

Middle East

There was grave concern at the deterioration of the situation and humanitarian crisis in the Occupied Palestinian Territory, in particular the unprecedented escalation of violence in the Gaza Strip and in West Bank as a result of the Israeli military offensive, which led to mass killing and injury of civilians, forced displacement and widespread destruction of civilian infrastructure.

Alarm was expressed over the situation in Southern Lebanon, and the loss of civilian lives and the immense damage to civilian infrastructure resulting from attacks by Israel in residential areas in Lebanon was condemned. There was a call for immediate cessation of military acts.

Western sanctions

There has been deep concern about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy, international trade, and the achievement of the sustainable development goals.

International financial system's reform

The need to reform the current international financial architecture to meet the global financial challenges was underscored. Resolutions include global economic governance to make the international financial architecture more inclusive and just.

Brics grains exchange

Member countries welcomed the initiative of the Russian side 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.

Brics cross-border payment system

There was recognition of the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimising trade barriers and non-discriminatory access.

Member countries welcomed the use of local currencies in financial transactions between Brics countries and their trading partners.

Brics clear depositary

There was agreement to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, Brics Clear, an initiative to complement the existing financial market infrastructure, as well as Brics independent reinsurance capacity, including Brics (Re)Insurance Company, with participation on a voluntary basis.

Financial innovation

The Brics Interbank Cooperation Mechanism (ICM) was welcomed. It focuses on facilitating and expanding innovative financial practices and approaches for projects and programmes, including finding acceptable mechanisms of financing in local currencies.

The IMF

The member countries reaffirmed their commitment to maintaining a strong and effective Global Financial Safety Net with a quota-based and adequately resourced IMF at its centre.

G20

There was recognition of the importance of the continued and productive functioning of the G20, based on consensus with a focus on result-oriented outcomes.

Prevention of future pandemics

There was support for the initiatives of the Brics R&D Vaccine Center, as well as for the further development of the Brics Integrated Early Warning System for preventing mass infectious disease risks.

Big cats

"While appreciating the efforts of countries to preserve rare species and noting the high vulnerability of big cats, the Brics member countries took note of the Republic of India’s initiative to create an International Big Cats Alliance and encourage Brics countries to work together to make further contributions to the conservation of big cats.