from Sputnik News:
The historic three-day BRICS Summit 2023 wrapped up on August 24 in the South African city of Johannesburg. What are the results of the event and how could it affect the global balance of power in the near future?
The leaders of Brazil, Russia, India, China, and South Africa, which together constitute the group of major emerging economies named BRICS, adopted the Johannesburg II Declaration on the final day of the 15th summit.
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The member states committed to strengthening the framework of mutually beneficial BRICS cooperation under the three pillars of political and security, economic and financial, and cultural and people-to-people cooperation. They also committed to enhancing strategic partnership for the benefit of their people through the promotion of peace, a more representative, fairer international order, a reinvigorated and reformed multilateral system, sustainable development, and inclusive growth.
New Fair Trade and Financial System
BRICS called for maintaining the “open, transparent, fair, predictable, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core.”
The group expressed its concerns about unilateral illegal measures affecting trade and proclaimed the need for creating a fair and market-oriented agricultural trading system that would help end hunger and achieve food security.
