BRICS Leaders Unite for Bold Financial Innovations and Reforms

At the 16th BRICS Summit, leaders committed to enhancing trade and financial settlements in local currencies. They plan to develop the New Development Bank and explore the potential of digital infrastructure. A focus was also on collaborative efforts in financial markets, reinsurance, and combating illicit financial flows.

In a decisive move at the 16th BRICS Summit, member nations have committed to bolstering trade and financial transactions in local currencies, a step aimed at reducing dependence on the US dollar. This initiative aligns with the ambition to strengthen correspondent banking networks within the bloc.

The summit featured top leaders, including Prime Minister Narendra Modi and President Vladimir Putin, who emphasized the potential of the New Development Bank (NDB) to become a groundbreaking multilateral development bank in the 21st century. The leaders also advocated for expanding NDB membership and enhancing its operational effectiveness.

Additionally, BRICS nations agreed to address the rapid digitalization influencing global dynamics, emphasizing data's key role in development. The group's declaration underscores intentions to ensure financial systems are secure, inclusive, and adaptable to the needs of emerging markets, amidst ongoing challenges of illicit financial flows.

(With inputs from agencies.)