Key takeaways from BRICS summit declaration

BRICS summit addresses key global issues but lacks detail on major topics like Ukraine and sanctions impact.

MOSCOW:

The final communique of the BRICS summit in Russia ranged from geopolitics and narcotics to alternative payment system to the dollar to artificial intelligence and even the preservation of big cats, but lacked detail on some major issues.

Here are the key points from the Kazan declaration.

Ukraine: "We emphasise that all states should act consistently with the Purposes and Principles of the UN Charter in their entirety and interrelation. We note with appreciation relevant proposals of mediation and good offices, aimed at a peaceful resolution of the conflict through dialogue and diplomacy."

Middle East: "We reiterate our grave concern at the deterioration of the situation and humanitarian crisis in the Occupied Palestinian Territory, in particular the unprecedented escalation of violence in the Gaza Strip and in West Bank as a result of the Israeli military offensive, which led to mass killing and injury of civilians, forced displacement and widespread destruction of civilian infrastructure."

"We express alarm over the situation in Southern Lebanon. We condemn the loss of civilian lives and the immense damage to civilian infrastructure resulting from attacks by Israel in residential areas in Lebanon and call for immediate cessation of military acts."

Sanctions: "We are deeply concerned about the disruptive effect of unlawful unilateral coercive measures, including illegal sanctions, on the world economy, international trade, and the achievement of the sustainable development goals."

Financial Reform: "We underscore the need to reform the current international financial architecture to meet the global financial challenges, including global economic governance to make the international financial architecture more inclusive and just."

Grain Exchange: "We welcome the initiative of the Russian side to establish a grain (commodities) trading platform within BRICS (the BRICS Grain Exchange) and to subsequently develop it including expanding it to other agricultural sectors."

Payment System: "We recognise the widespread benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments built upon the principle of minimizing trade barriers and non-discriminatory access. We welcome the use of local currencies in financial transactions between BRICS countries and their trading partners."

BRICS Clear: "We agree to discuss and study the feasibility of establishment of an independent cross-border settlement and depositary infrastructure, BRICS Clear, an initiative to complement the existing financial market infrastructure, as well as BRICS independent reinsurance capacity, including BRICS (Re)Insurance Company, with participation on a voluntary basis."

Financial Innovation: "We welcome the BRICS Interbank Cooperation Mechanism (ICM) focus on facilitating and expanding innovative financial practices and approaches for projects and programmes, including finding acceptable mechanisms of financing in local currencies."

IMF: "We reaffirm our commitment to maintaining a strong and effective Global Financial Safety Net with a quota-based and adequately resourced IMF at its centre."

G20: "We recognise the importance of the continued and productive functioning of the G20, based on consensus with a focus on result-oriented outcomes."

Pandemics: "We support the initiatives of the BRICS R&D Vaccine Center, further development of the BRICS Integrated Early Warning System for preventing mass infectious diseases risks."