In a joint statement adopted by consensus on the eve of the BRICS leaders’ summit, held today and Monday in Rio de Janeiro, finance ministers from the 11 member countries called for strengthening Global South cooperation and advancing a more just and equitable development model.
The ministers highlighted that, although the group represents nearly half of the world’s population, 40% of the global GDP, and a quarter of world trade and investment, “more needs to be done” to ensure that globalization’s benefits are distributed more equitably.
The ministers also acknowledged the challenges posed by the climate crisis, which has caused devastations such as the recent floods in Texas, USA, resulting in about thirty deaths.
In this regard, they urged the private sector and advanced economies to provide “substantial” financing for climate action, especially in developing countries.
“Predictable and accessible climate action financing is indispensable for just transitions,” stated the declaration.
A priority topic of the meeting was the “urgent” need to reform the Bretton Woods institutions, particularly the International Monetary Fund (IMF) and the World Bank (WB), to reflect the transformation of the global economy and the growing influence of developing countries.
“The voice and representation of emerging and developing countries in the IMF and the World Bank should reflect their growing weight in the global economy,” they demanded.
During the meeting, the ministers also confirmed their support for the signing of a UN tax convention, emphasizing the importance of establishing a more inclusive global tax system that “ensures the super-rich pay their fair share.”
This agreement aims to address global tax disparities and promote cooperation among countries to combat tax evasion and illicit financial flows, fostering greater equity in the global distribution of resources.
The finance ministers also highlighted the role of the BRICS New Development Bank (NDB) in driving resource mobilization and sustainable development projects, contributing to the reduction of inequalities.
The BRICS group was initially formed by Brazil, Russia, India, China, and South Africa, and since last year, it has included six new full members: Egypt, Iran, United Arab Emirates, Ethiopia, Saudi Arabia, and Indonesia, with a recent announcement of incorporating Colombia and Uzbekistan.
