BRICS countries voice concern over unilateral coercive measures

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The 16th BRICS Summit in Kazan, Russia, runs from October 22 to 24. /CFP

On Wednesday, BRICS countries voiced deep concern about the destructive impact of illegal unilateral coercive measures on the world economy, international trade, and achieving the sustainable development goals.

In the Kazan Declaration issued at the 16th BRICS Summit, the BRICS countries called for the reform of the Bretton Woods system to enhance the representation of emerging markets and developing countries.

The countries agreed to support the New Development Bank (NDB) in implementing its general strategy for 2022-2026 and in expanding local currency financing.

They also agreed to jointly build the NDB into a new type of multilateral development bank for the 21st century, support its further expansion of membership, and expedite the review of membership applications from BRICS countries in accordance with its general strategy and related policies.

According to the declaration, the BRICS countries are also encouraged to strengthen financial cooperation and promote local currency settlement.

New centers of power, policy decision-making and economic growth are emerging in the world, it said.

This trend paves the way for a more equitable, just, democratic, and balanced multipolar world order and provides more opportunities for emerging markets and developing countries to benefit from universally beneficial and inclusive economic globalization, the BRICS countries said.

(With input from Xinhua)