BRICS Reaffirms Commitment To Fair Trade, IMF Reform, And Financial Cooperation

KUALA LUMPUR, July 6 (Bernama) — The BRICS grouping has sent a strong message in defence of a rules-based multilateral trading system, rejecting unilateral, punitive and discriminatory protectionist measures imposed that are not in line with international laws, under the pretext of environmental concerns.

The  bloc, which comprises Brazil, Russia, India, China, and South Africa, made clear its position and called for adherence to international law and greater fairness in global trade.

"In the area of finance, we reiterate the need to increase the quota of emerging and developing countries in the International Monetary Fund (IMF), as well as their participation as shareholders in the World Bank,” it said in the 31st page of the 17th BRICS Rio De Janeiro Declaration in Brazil.

The BRICS  Summit was held under the theme: “Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance”. The declaration consolidates the results achieved throughout the Brazilian BRICS Presidency in 2025. "We advocate for deepening the dialogue on the use of local currencies in trade and investments and the interoperability of BRICS countries’ payment systems," it said.

In this regard, BRICS has commenced the discussions to establish a BRICS Multilateral Guarantees (BMG) initiative and “to enhance our capacities related to the issue of reinsurance.”

On other development, BRICS recognised that Artificial Intelligence (AI) represents a milestone opportunity to boost development towards a more prosperous future. "To achieve that goal, we underscore that global governance of AI should mitigate potential risks and address the needs of all countries, including those of the Global South," it said.

It said a collective global effort is needed to establish an AI governance that upholds shared values, addresses risks, builds trust, and ensures broad and inclusive international collaboration and access, in accordance with sovereign laws, including capacity building for developing countries, with the United Nations at its core.

Indonesia was welcomed as a BRICS member, with Belarus, Bolivia, Kazakhstan, Cuba,  Nigeria, Malaysia, Thailand, Vietnam, Uganda, and Uzbekistan as BRICS partner countries.

The BRICS group - which serves as a political and diplomatic coordination forum for countries of the Global South with collaboration across diverse sectors - was initially established by Brazil, Russia, India and China. It later expanded with the inclusion of South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates (UAE) in 2023, and Indonesia in 2025.

-- BERNAMA