Headline: BRICS Summit Unveils the Kazan Declaration Addressing Global Challenges
As a significant development, the BRICS countries released the Kazan Declaration, addressing numerous urgent global conflicts and economic challenges. The group, comprising Brazil, Russia, India, China, and South Africa, convened in Russia for a summit that culminated in a united stance on various international issues.
Regarding Ukraine, BRICS emphasized the need for all states to adhere to the principles of the UN Charter, accepting mediation and diplomacy proposals for the peaceful resolution of the conflict.
The situation in the Middle East was also a focal point. The declaration voiced grave concerns over the humanitarian crisis in the Palestinian Territories, highlighting the escalation of violence in Gaza and the West Bank resulting from Israeli military actions, which have led to civilian casualties, displacement, and infrastructure destruction. The group condemned civilian losses and damage from Israeli attacks on southern Lebanon and called for an immediate cessation of military actions.
The declaration expressed concerns about the impact of unilateral coercive measures, including illegal sanctions, on the global economy and the achievement of sustainable development goals. BRICS countries emphasized the disruptive effect of such measures on international trade.
There was a call for reform of the international financial system to address global financial challenges and promote more inclusive and equitable economic governance. In line with financial innovations, BRICS welcomed the focus of the Interbank Cooperation Mechanism on expanding innovative financial practices and financing in local currencies.
Russia's initiative to establish a BRICS Grain Exchange was welcomed, with plans to further develop it to cover other agricultural sectors. BRICS also recognized the benefits of more efficient cross-border payment systems and supported the use of local currencies in financial transactions between member countries and trading partners.
An agreement was reached to explore the feasibility of establishing BRICS Clear, an independent cross-border clearing and settlement infrastructure. This initiative aims to complement existing financial market infrastructure and include voluntary participation in BRICS reinsurance capacity.
Reaffirming their commitment to a strong IMF, BRICS recognized the importance of the G20 maintaining productivity by focusing on consensus and outcome-oriented results. They also supported initiatives aimed at preventing future pandemics, such as the development of the BRICS Vaccine Research and Development Center and an early warning system for infectious diseases.
Finally, India's initiative to create an International Big Cats Alliance was acknowledged in the declaration, with encouragement for cooperation among BRICS countries to protect these vulnerable species.