BRICS nations, including Brazil, Russia, India, China, and South Africa, have released a declaration at their annual summit emphasizing the importance of using local currencies in international trade and financial transactions. The leaders also highlighted the need to strengthen correspondent banking networks between the BRICS countries and enable settlements in local currencies. The declaration tasks finance ministers and central bank governors to consider the issue of local currencies and payment platforms and report back to the leaders. Russia will assume the 2024 BRICS Chairship and hold the next BRICS Summit in Kazan. The declaration also recognizes the role of the New Development Bank in promoting infrastructure and sustainable development. The BRICS economic bloc has invited six countries, including Argentina and Saudi Arabia, to become new members. The foreign ministers have been tasked with developing a model for prospective partner countries.
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