Brics Summit in Johannesburg - Key Points:
• The Brics summit took place in Johannesburg, where leaders discussed global economic, financial, and political issues.
• The summit was chaired by President Cyril Ramaphosa.
• The leaders in attendance were Luiz Inácio Lula da Silva from Brazil, Vladimir Putin from Russia, Narendra Modi from India, and Xi Jinping from China. Putin participated virtually.
• This was the first in-person summit since the Covid-19 pandemic emerged in 2020.
Johannesburg Declaration II Highlights:
• President Ramaphosa delivered the "Johannesburg Declaration II" .
• Discussions focused on expanding the Brics economic bloc to generate tangible benefits and addressing challenges faced by the global south, including economic growth, sustainable development, and multilateral system reform.
• The leaders reaffirmed their commitment to inclusive multilateralism and upholding international law based on the UN Charter's principles and purposes.
• The summit emphasized the importance of peaceful conflict resolution through dialogue and inclusive consultation.
• The leaders acknowledged that an unequal recovery from the Covid-19 pandemic is exacerbating global inequality.
• They encouraged multilateral financial institutions and international organizations to contribute positively to consensus-building on economic policies.
• The summit recognized the growing momentum for using local currencies, alternative financial arrangements, and payment systems.
• Brics expressed readiness to explore opportunities to enhance the stability, reliability, and fairness of the global financial architecture.
• The summit tasked Brics finance ministers and central bank governors to consider issues related to local currencies, payment instruments, and platforms, with a report due by the next summit.
Expansion of the Brics Bloc:
• Agreement was reached among the five Brics countries (Brazil, Russia, India, China, South Africa) on guiding principles, standards, criteria, and procedures for expanding the bloc.
• The first phase of expansion was agreed upon, with further phases planned.
• Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE) were invited to become full members of Brics.
• The membership of these countries would take effect from January 1, 2024.
• Foreign ministers were tasked with developing the Brics partner country model and a list of prospective partner countries, with a report to be presented at the next summit.
The summit discussions revolved around these key points, aiming to shape Brics' position on matters of global significance in economic, financial, and political domains.
