It also agreed to establish partners’ mechanism. Thirteen countries including Indonesia, Vietnam, Thailand, Malaysia, Alegria, Nigeria, Kazakhstan and Uzbekistan got the nod to join the platform. Other countries included are Belarus, Bolivia, Cuba, Turkiye and Uganda, ET has learnt. Sources said these countries now have to agree to join the mechanism. ET was the first to report that the Kazan summit will institute a partner mechanism following growing demands for such mechanism.
The summit also welcomed the use of local currencies in financial transactions between BRICS countries and their trading partners. “We encourage strengthening of correspondent banking networks within BRICS and enabling settlements in local currencies in line with BRICS Cross-Border Payments Initiative…and look forward to further discussions in this area, including in the BRICS Payment Task Force.”
The declaration also called for comprehensive reform of UNSC “with a view to making it more democratic…and support legitimate aspirations of emerging and developing countries from Africa, Asia and Latin America…” BRICS also committed to take decisive steps to prevent and disrupt the spread of terrorist ideology and radicalisation.
