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Saturday, July 13, 2024

BRICS advocates increased utilization of local currencies in intra-member trade

Yesterday, the foreign ministers of the BRICS nations convened in Nizhny Novgorod, Russia, to discuss various global issues, emphasizing the increased use of local currencies in intra-member trade and financial transactions. They also stressed the importance of developed countries facilitating the transfer of low-cost climate technology to developing nations in an accessible manner. The ministers reaffirmed their commitment to enhancing the participation of developing and least developed countries, particularly in Africa, in global decision-making processes.

They called for comprehensive reform of the global financial architecture to amplify the voice of developing countries and their representation in international financial institutions. Quoting a joint statement issued after the meeting, they acknowledged the need to consider local currencies, payment instruments, and platforms, as outlined in paragraph 45 of the Johannesburg II Declaration. The ministers denounced unilateral, punitive, and discriminatory protectionist measures that contravene international law and negatively impact the world economy and sustainable development.

They opposed measures such as unilateral and discriminatory carbon border adjustments and emphasized their support for avoiding unilateral trade measures based on climate or environmental concerns, as stated in COP28. Additionally, they expressed opposition to unilateral protectionist measures that disrupt global supply and production chains and distort competition.

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