BRICS Advocates Increased Utilization of Local Currencies in Intra-Member Trade

Nizhny Novgorod, Russia - In a gathering of BRICS Foreign Affairs ministers convened in Nizhny Novgorod, Russia, discussions ranged from financial reform to bolstering intra-member trade. Emphasizing the use of local currencies, the ministers underscored the importance of revamping global financial structures. They also endorsed a comprehensive review of the International Monetary Fund (IMF) and called for reforms within multilateral development banks to better support developing nations. Led by India's representative, the ministers urged the New Development Bank to align with member priorities and enhance its role as a premier multilateral development institution. Additionally, they pledged to advance energy cooperation and address ongoing conflicts in regions like Ukraine and the Middle East. The meeting, chaired by Russia, marks the first gathering since the group expanded in 2023 to include Egypt, Iran, UAE, Saudi Arabia, and Ethiopia.

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