Context:
16th BRICS Summit concluded with the adoption of the Kazan Declaration, a comprehensive document outlining BRICS’ unified stance on global issues.
Kazan Declaration:
- Global Governance and Multilateralism – Commitment to reform the International Financial Architecture.
- Economic Cooperation –
- BRICS Cross-Border Payment System – Aims to reduce trade barriers and ensure non-discriminatory access, promoting the use of local currencies.
- BRICS Clear Depositary – Establishes an independent infrastructure for cross-border settlement and depositary.
- BRICS Interbank Cooperation Mechanism (ICM) – Focuses on innovative financial practices and financing mechanisms in local currencies.
- BRICS Grain Exchange – A Russian initiative to create a commodities trading platform within BRICS.
Other Initiatives:
- BRICS R&D Vaccine Center & Integrated Early Warning System – Aimed at preventing mass infectious disease risks.
- BRICS Partner Country Category – Introduced a new category for partner countries, adding 13 new partners including Cuba, Turkey, and Vietnam.
Read more about BRICS, The implications of the expansion of BRICS
Source: The Indian Express
Previous Year Question
Consider the following:
1. Asian Infrastructure Investment Bank
2. Missile Technology Control Regime
3. Shanghai Cooperation Organisation
India is a member of which of the above?
[UPSC Civil Services Exam – 2022 Prelims]
(a) 1 and 2 only
(b) 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
Answer: (d)
