2023-08-24 10:53:17
JOHANNESBURG – The work of the 15th ordinary session of the BRICS summit resumed Thursday in Johannesburg (South Africa), for the third and last day, during which the members of the group will discuss with the leaders of the countries of the South the ways and means to build a “more equitable and representative” world.
In this context, two forums will be organised: “Brics-Africa Outreach” and “Brics Plus dialogue”.
These two events will allow “an inclusive dialogue on key issues affecting developing economies and identify actions we can take together for a more equitable, inclusive and representative world”, South African President Cyril Ramaphosa said Thursday during a meeting. a press conference devoted to the presentation of the results of the summit of Heads of State of the group held on Wednesday.
During this summit, the Brics stressed the importance of discussing viable solutions to the common challenges facing the countries of the South. “These include the need for beneficial economic growth, sustainable development and reform of multilateral systems,” said President Ramaphosa.
The Brics (Brazil, Russia, India, China, South Africa) called, in this sense, on multilateral financial institutions and international organizations to play a “constructive” role for a global consensus on economic policies.
While welcoming “the global dynamic in favor of the use of local currencies and alternative payment systems”, the group showed its availability “to explore the possibilities of improving the stability, reliability and fairness of the financial architecture world”.
The finance ministers and the governors of the central banks of the Brics, have thus been instructed to examine the question of local currencies, instruments and payment platforms and to report to the leaders of the group by the next summit, according to the statements by the South African President.
The BRICS heads of state also reached “agreement on the guidelines, standards, criteria and procedures for the group’s expansion process, which have been under discussion for some time”, President Ramaphosa announced.
Thus, the leaders of the Brics “decided to invite the Argentine Republic, the Arab Republic of Egypt, the Federal Democratic Republic of Ethiopia, the Islamic Republic of Iran, the Kingdom of Saudi Arabia and the United Arab Emirates to become full members of the group. Membership will take effect on January 1, 2024.
This is a “first phase” of the expansion process, “and other phases will follow,” said President Ramaphosa.
“We appreciate the interest of other countries in building a partnership with the BRICS. We have instructed our foreign ministers to further develop the group’s partner country model, as well as a list of potential partner countries and a report by the next summit,” he said.
The Brics group represents 32% of the world’s GDP and 40% of the world’s population.
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