Latest news with #17thBRICSRioDeJaneiroDeclaration
The Sun
07-07-2025
- Business
- The Sun
BRICS pushes for fair trade, IMF reform and AI governance in Rio declaration
KUALA LUMPUR: The BRICS bloc has reinforced its stance on fair global trade, opposing unilateral protectionist measures disguised as environmental policies. In the 17th BRICS Rio De Janeiro Declaration, the group emphasised adherence to international law while pushing for greater representation of emerging economies in global financial institutions. The declaration, spanning 31 pages, highlighted the need to increase quotas for developing nations in the International Monetary Fund (IMF) and enhance their World Bank shareholding. 'We reiterate the need to increase the quota of emerging and developing countries in the IMF,' the document stated. Held under the theme 'Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance,' the summit also explored financial cooperation. BRICS members agreed to advance discussions on local currency usage in trade and investments, alongside plans for a BRICS Multilateral Guarantees (BMG) initiative and improved reinsurance frameworks. Artificial Intelligence (AI) emerged as a key focus, with BRICS recognising its potential to drive development while calling for risk-mitigating governance. 'Global governance of AI should address the needs of all countries, including those of the Global South,' the declaration noted. The group urged collective efforts under UN leadership to ensure inclusive AI policies. Indonesia officially joined BRICS, while Malaysia, Thailand, Vietnam and others were welcomed as partner countries. The bloc, originally formed by Brazil, Russia, India and China, expanded to include South Africa in 2011 and several Middle Eastern and African nations in recent years. - Bernama
Malaysian Reserve
07-07-2025
- Business
- Malaysian Reserve
BRICS reaffirms commitment to fair trade, IMF reform and financial cooperation
KUALA LUMPUR — The BRICS grouping has sent a strong message in defence of a rules-based multilateral trading system, rejecting unilateral, punitive and discriminatory protectionist measures imposed that are not in line with international laws, under the pretext of environmental concerns. The bloc, which comprises Brazil, Russia, India, China, and South Africa, made clear its position and called for adherence to international law and greater fairness in global trade. 'In the area of finance, we reiterate the need to increase the quota of emerging and developing countries in the International Monetary Fund (IMF), as well as their participation as shareholders in the World Bank,' it said in the 31st page of the 17th BRICS Rio De Janeiro Declaration in Brazil. The BRICS Summit was held under the theme: 'Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance'. The declaration consolidates the results achieved throughout the Brazilian BRICS Presidency in 2025. 'We advocate for deepening the dialogue on the use of local currencies in trade and investments and the interoperability of BRICS countries' payment systems,' it said. In this regard, BRICS has commenced the discussions to establish a BRICS Multilateral Guarantees (BMG) initiative and 'to enhance our capacities related to the issue of reinsurance.' On other development, BRICS recognised that Artificial Intelligence (AI) represents a milestone opportunity to boost development towards a more prosperous future. 'To achieve that goal, we underscore that global governance of AI should mitigate potential risks and address the needs of all countries, including those of the Global South,' it said. It said a collective global effort is needed to establish an AI governance that upholds shared values, addresses risks, builds trust, and ensures broad and inclusive international collaboration and access, in accordance with sovereign laws, including capacity building for developing countries, with the United Nations at its core. Indonesia was welcomed as a BRICS member, with Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Malaysia, Thailand, Vietnam, Uganda, and Uzbekistan as BRICS partner countries. The BRICS group – which serves as a political and diplomatic coordination forum for countries of the Global South with collaboration across diverse sectors – was initially established by Brazil, Russia, India and China. It later expanded with the inclusion of South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in 2023, and Indonesia in 2025. — BERNAMA
