17TH BRICS SUMMIT: BLUNT IMPACT

If one were to go solely by the Declaration of the 17th BRICS Summit held in Rio de Janeiro without context, the Summit appears to be a roaring success.

- JOE ATHIALY Executive Director of Centre for Financial Accountability

It hit the right notes on cooperation, projecting a cohesive voice for the Global South, and standing up to the Global North with calls for radical economic and governance reform.

With the Declaration spanning over 100 clauses that cover the BRICS pillars of political and security, economic and financial, cultural and people-to-people cooperation, the Declaration at first glance appears both extensive and impressive. However, beneath the rhetoric, the document essentially reiterates past positions, which lack substance and fail to provide a clear road-map for implementation.

The core of the BRICS agenda has been to position and present itself as an alliance to counter Western dominance and advance Global South cooperation. The Declaration recognises the need for progressive tax reform to help reduce inequality. However, it limits itself to the UN Framework Convention on International Tax Cooperation, while missing the opportunity to discuss and develop other mechanisms for just taxation, such as global corporate tax or programmes for regional tax cooperation among BRICS+ countries.

The Declaration raises alarm about an increase in global military spending. It also reiterated BRICS' commitment to the peaceful resolution of international disputes through dialogue, consultation and diplomacy. It condemned the military strikes against Iran, a member of BRICS, in particular on 'peaceful nuclear facilities'. It called it a violation of international law and the Charter of the United Nations, as well as relevant resolutions of the IAEA.