BRICS URGES INCREASED USE OF LOCAL CURRENCIES IN TRADE

Ministers reiterated COP27 demands for international financial institution reforms, anticipating success in the 2025 IBRD shareholder review, and emphasized multilateral development bank reforms aligned with COP27's Sharm El-Sheikh Action Plan.

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The BRICS Foreign Ministers convened in Nizhny Novgorod, Russia, for a series of discussions, notably focusing on the increased utilization of local currencies in trade and financial transactions among BRICS countries. The meeting underscored the necessity for a comprehensive overhaul of the global financial framework, as highlighted in paragraph 45 of the Johannesburg II Declaration, which tasked Finance Ministers and Central Bank Governors to explore local currency usage and report findings to BRICS Leaders.

Moreover, the ministers reiterated demands from COP27, emphasizing the need for international financial institution reforms to prioritize expanding financing scope and facilitating easier resource access. They anticipated success in the 2025 International Bank for Reconstruction and Development shareholder review.

In alignment with the Sharm El-Sheikh Action Plan of COP27, the ministers emphasized the urgency of reforming multilateral development banks' policies and practices to enhance lending capacities, particularly to support developing countries' development needs and climate action.