BRICS Nations Eye Greater Influence with Bold Economic Initiatives

BRICS leaders, meeting in Russia, envisioned strengthening their global economic influence through initiatives like a grain exchange and cross-border payment systems, as outlined in the Kazan Declaration. They opposed unilateral sanctions harming poorer nations and emphasized using local currencies in financial transactions among BRICS countries.

The BRICS nations, representing 37% of global economic output, convened in Russia to discuss expanding their influence with new economic initiatives. During their meeting, leaders proposed shared projects, including establishing a grain exchange and a cross-border payments system.

Russian President Vladimir Putin asserted that BRICS' economic growth is set to outpace the global average, with the Kazan Declaration condemning sanctions against members like Russia and Iran. They argued that such measures harm impoverished populations in affected regions.

The summit also focused on financial integration, encouraging transactions in local currencies and the exploration of new development platforms, amidst pushback on Western dominance in global finance.

(With inputs from agencies.)