On June 2, a joint statement titled ‘The Cape of Good Hope’ was issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations. The meeting was held in South Africa.
- The statement underlines the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade.
- It also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre.
- It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
- The Ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, including Least Developed Countries.
- The BRICS (Brazil-Russia-India-China-South Africa) brings together five of the largest developing countries of the world, representing 41 per cent of the global population, 24% of the global GDP and 16% of the global trade.
