NEW DELHI — Reform of global economic governance featured prominently in the final declaration of a two-day BRICS summit in New Delhi.
The member states said the International Monetary Fund and World Bank should better reflect changes in the global economy and give emerging and developing economies a greater say in decision-making. BRICS members also condemned unilateral economic sanctions and trade restrictions, saying they distort international trade and disproportionately affect developing countries.
The group reaffirmed its commitment to achieving the Sustainable Development Goals, reducing poverty, strengthening food and energy security, and tackling climate change. It backed increased climate financing for developing countries and stressed that the transformation of the energy sector should take into account differences in countries’ levels of development and national circumstances.
The 140-page final declaration highlighted the need to reform multilateral institutions. BRICS members called for changes to the United Nations, particularly its Security Council, to give developing countries, including those in Africa, Asia and Latin America, greater representation.
China and Russia again voiced support for Brazil and India’s efforts to secure a larger role on the U.N. Security Council.
The founding members of BRICS are Brazil, Russia, India, China and South Africa. In recent years, the grouping has expanded to include, among others, Saudi Arabia, Egypt, Ethiopia, the United Arab Emirates, Indonesia and Iran.
The 18th BRICS summit was held in India. China will take over the group’s presidency in 2027.
