Context:
Recently, the BRICS Foreign Affairs ministers meeting was convened in Novgorod, Russia.
More on the news
- The gathering marked the inaugural ministerial meeting since the expansion of BRICS in 2023, which saw the inclusion of Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE.
- Currently, Russia has the chairmanship of BRICS, starting on January 1, 2024.
Key Outcomes of the meeting
- The ministers stressed their commitment to multilateralism and upholding international law, especially the principles of the United Nations Charter.
- They reaffirmed their backing for comprehensive reform within the UN, aiming to enhance the democratic, representative, effective, and efficient nature of the Security Council.
- The joint statement raised concerns about the use of “unilateral coercive measures,” which violate UN Charter principles (apparent reference to Western sanctions). These measures have negative impacts on economic growth, trade, energy, health, and food security, particularly affecting the developing world.
Key points of discussion in the meeting
Global financial system reform
- At the meeting, the Ministers highlighted the importance of comprehensive global financial system reform.
- They referred to the Johannesburg II Declaration, which mandated Finance Ministers and Central Bank Governors of BRICS nations to explore local currencies in trade.
- They supported a robust Global Financial Safety Net centered around a well-funded IMF and called for ongoing IMF governance reforms.
New Development Bank
- The Ministers encouraged the New Development Bank (NDB) to prioritize member-driven initiatives, use creative financing methods to attract diverse funding, enhance capacity building, and aid member nations in achieving Sustainable Development Goals (SDGs).
- They agreed to develop the bank into a modern Multilateral Development Bank of the 21st century and supported its expansion, particularly among BRICS nations.
Energy cooperation
- The ministers expressed a commitment to promote energy cooperation within BRICS and emphasized the need for resilient global supply chains to ensure widespread access to affordable, reliable, and sustainable energy.
Ukraine war
- The Ministers reiterated their respective countries’ stances on the Ukraine situation.
- They appreciated mediation efforts aimed at peaceful resolution and expressed concern about ongoing conflicts in the Middle East and North Africa region.
Counter-terrorism
- Strongly condemning all acts of terrorism, the ministers reaffirmed their commitment to combating it in all forms.
- They emphasized accountability for those involved and called for zero tolerance, rejecting double standards in counter-terrorism efforts.