BRICS Summit: Payment Task Force, tariffs, trade and more: What New Delhi Declaration said about business, finance and economy
&imwidth=600&imheight=450&format=webp&quality=medium "BRICS Summit: Payment Task Force, tariffs, trade and more: What New Delhi Declaration said about business, finance and economy")
Brics leaders at the 18th summit of the grouping in New Delhi Photograph: (Others)
BRICS New Delhi Declaration pressed for IMF quota realignment and WTO Appellate Body revival. It advocated local-currency cross-border payments, and backed New Development Bank's expansion. But most imporantly, it opposed unilateral tariffs.
The New Delhi Declaration, adopted at the 18th BRICS summit on Saturday (Sep 12), had significant sections pertaining to buiness, economy, trade and global finance. At the 18th BRICS summit, held amid the 20th anniversary of the grouping, the leaders expressed commitment to the three pillars of cooperation - political-security, economic-financial, and people-to-people. Here is a summary of what the declaration said about economic and financial cooperation, an aspect which formed the germinating idea of BRICS itself.
Seeking reforms in International financial institutions
The declaration said the reform of the IMF and World Bank is urgent, and specifically called for a merit-based, transparent leadership selection in the two Bretton Woods institutions. On the IMF , the dclaration said voluntary financial contributions shouldn't buy governance weight. It sought the entry into force of the 16th General Review quota increases without further delay, as also a meaningful quota realignment under the 17th Review. On the World Bank, it said the 2025 Shareholding Review should correct historic underrepresentation of developing countries.
Trade and the WTO: From condeming ‘coericive measures’ to restoring WTO dispute settlement
In what could be a reference to Trump tariffs, the declaration condemned "unilateral coercive measures, including secondary sanctions and non-UNSC-authorised sanctions." It expressed strong support for restoring a fully functioning two-tier binding dispute settlement system and appointing Appellate Body members. It criticised trade-restrictive actions inconsistent with WTO rules including indiscriminate tariff increases and protectionism dressed as environmental policy. It also backed WTO accession bids of Ethiopia and Iran. The declaration acknowledged China's zero-tariff treatment for 53 African countries.
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BRICS Payment Task Force, cross-border trade and investments
The declaration noted that work continues on cross-border payments through the BRICS Payment Task Force, including trade settlement in local currencies. The New Investment Platform, Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City, CRA treaty amendments, tax and customs cooperation were mentioned. The declaration also referred to MSME finance , spcifically the Jaipur Consensus on invoice discounting, as well as cooperation in Special Economic Zones, global value chains, and the New Development Bank's expanding role.
