The Foreign Affairs ministers of BRICS countries met in Russia’s Nizhny Novgorod on June 10 and held a lot of discussions.
- The meeting was the first ministerial meeting following BRICS expansion in 2023 when Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE joined Brazil, Russia, India, China, and South Africa as full-fledged BRICS members.
- The Indian delegation was led by senior diplomat Dammu Ravi, Secretary (Economic Relations), at the Ministry of External Affairs (MEA).
- At the meeting, the Ministers recognized the need for a comprehensive reform of the global financial architecture.
- They agreed to jointly develop the New Development Bank into a new type of Multilateral Development Bank of the 21st century and urged the Bank to execute its purpose and functions in accordance with the Agreement on the New Development Bank in a fair manner.
