The BRICS foreign ministers held a meeting in Russia’s Nizhny Novgorod to discuss various important topics, including the enhanced use of local currencies in trade and financial transactions among BRICS countries. The ministers acknowledged the need for a comprehensive reform of the global financial system and emphasized the demand to prioritize expanding financing and facilitating access to resources as per the Johannesburg II Declaration. They also supported a strong Global Financial Safety Net centered around the International Monetary Fund (IMF) and called for IMF governance reform to reflect the economic size of its membership.
In line with the Sharm El-Sheikh Action Plan of the COP27, the ministers highlighted the importance of reforming multilateral development banks to increase their lending capacities and better assist developing countries in financing their development needs and climate action. Further, they encouraged the New Development Bank to follow demand-driven principles, enhance capacity building, and assist member countries in achieving the Sustainable Development Goals (SDGs). The ministers agreed to develop the New Development Bank into a premier multilateral development institution for Emerging Market Developing Countries (EMDCs).
The ministers expressed their support for energy cooperation among BRICS countries and emphasized the need for resilient global supply chains to ensure universal access to affordable, reliable, and sustainable energy sources. They discussed their national positions on the situation in and around Ukraine, expressing support for peaceful resolution of the conflict through dialogue and diplomacy. Additionally, they expressed concern over continued conflicts in the Middle East and North Africa (MENA) region, noting proposals for peaceful resolutions.
Russian Foreign Minister Sergey Lavrov opened the BRICS Ministerial meeting with a minute of silence in memory of former Iran President Ebrahim Raisi and Iranian Foreign Minister Hossein Amir-Abdollahian. He offered condolences to the people of Iran and the families of the victims. This meeting was the first since the expansion of BRICS in 2023, with new members including Egypt, Iran, UAE, Saudi Arabia, and Ethiopia joining the association. Russia took over the chairmanship of BRICS on January 1, 2024, to lead the group in addressing various global challenges and promoting cooperation among member countries.
In conclusion, the BRICS Foreign Ministers’ Meeting in Russia addressed key issues related to global financial reforms, development bank assistance, energy cooperation, and regional conflicts. The ministers emphasized the importance of promoting peace and dialogue in resolving conflicts, supporting the SDGs, and enhancing financial cooperation among BRICS countries. The meeting served as an opportunity for member countries to reaffirm their commitment to cooperation and solidarity in addressing shared challenges and advancing mutual interests.
