It further said the process of IMF governance reform under the 16th General Review of Quotas should be completed by December 15, 2023.

The BRICS nations on June 2 underlined the need for using local currencies in international trade and financial transactions besides committing themselves to support rule-based open and transparent global trade.

A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its center.

It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.

The joint statement titled ‘The Cape of Good Hope’, said Ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, including Least Developed Countries.

“They stressed their support to work towards positive and meaningful outcomes on the issues at the 13th Ministerial Conference (MC13). They committed to engage constructively to pursue the necessary WTO reform with a view to presenting concrete deliverables to MC13. They called for the restoration of a fully and well-functioning dispute settlement system accessible to all members by 2024, and the selection of new Appellate Body Members without further delay,” it said.

They condemned unilateral protectionist measures under the pretext of environmental concerns such as unilateral and discriminatory carbon border adjustment mechanisms, taxes, and other measures, it said.

The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 percent of the global population, 24% of the global GDP, and 16% of the global trade.

The Ministers recognized the impact on the world economy from unilateral approaches in breach of international law and they also noted that the situation is complicated further by unilateral economic coercive measures, such as sanctions, boycotts, embargoes, and blockades.

The two-day Ministers’ meeting emphasized the importance of financial inclusion so that citizens can reap the benefits of economic growth and prosperity and welcomed the many new technological instruments for financial inclusion, developed in BRICS countries, which can contribute to ensuring the citizen’s full participation in the formal economy.

It also congratulated Dilma Rousseff, former President of Brazil, for being elected as president of the New Development Bank (NDB) and exuded confidence that it will contribute to the strengthening of the NDB in effectively achieving its mandate.

Source: https://www.thehindu.com/news/