"We underscore the need to reform the current
international financial architecture (the dollar) to
meet the global financial challenges including global
economic governance to make the international financial
architecture more inclusive and just." (back to the
gold standard?)
(The banking war just got more interesting with the
election. There have only been two presidents who took
on the City of London: Lincoln and Kennedy.)
**********************
World
BRICS summit: Key takeaways from the Kazan declaration
By Reuters
October 24, 20242:55 AM CDTUpdated 13 days ago
BRICS summit in Kazan
Russia's President Vladimir Putin gestures as he speaks
during the extended format meeting of the BRICS summit
in Kazan, Russia on October 23, 2024. ALEXANDER
NEMENOV/Pool via REUTERS Purchase Licensing Rights,
opens new tab
MOSCOW, Oct 23 (Reuters) - Below are the key points
from the Kazan declaration, opens new tab issued by the
BRICS group after a summit in Russia.
ON UKRAINE:
"We emphasize that all states should act consistently
with the Purposes and Principles of the UN Charter in
their entirety and interrelation. We note with
appreciation relevant proposals of mediation and good
offices, aimed at a peaceful resolution of the conflict
through dialogue and diplomacy."
ON THE MIDDLE EAST:
"We reiterate our grave concern at the deterioration of
the situation and humanitarian crisis in the Occupied
Palestinian Territory, in particular the unprecedented
escalation of violence in the Gaza Strip and in West
Bank as a result
of the Israeli military offensive, which led to mass
killing and injury of civilians, forced displacement
and widespread destruction of civilian infrastructure."
"We express alarm over the situation in Southern
Lebanon. We condemn the loss of civilian lives and the
immense damage to civilian infrastructure resulting
from attacks by Israel in residential areas in Lebanon
and call for immediate cessation of military acts."
ON WESTERN SANCTIONS:
"We are deeply concerned about the disruptive effect of
unlawful unilateral coercive measures, including
illegal sanctions, on the world economy, international
trade, and the achievement of the sustainable
development goals."
ON THE INTERNATIONAL FINANCIAL SYSTEM'S REFORM:
"We underscore the need to reform the current
international financial architecture to meet the global
financial challenges including global economic
governance to make the international financial
architecture more inclusive and just."
ON BRICS GRAIN EXCHANGE:
"We welcome the initiative of the Russian side
to establish a grain (commodities) trading platform
within BRICS (the BRICS Grain Exchange) and to
subsequently develop it including expanding it to other
agricultural sectors."
ON BRICS CROSS-BORDER PAYMENT SYSTEM:
"We recognise the widespread benefits of faster, low
cost, more efficient, transparent, safe and inclusive
cross-border payment instruments built upon the
principle of minimizing trade barriers and non-
discriminatory access. We welcome the use of local
currencies in financial transactions between BRICS
countries and their trading partners."
ON BRICS CLEAR DEPOSITARY:
"We agree to discuss and study the feasibility of
establishment of an independent cross-border settlement
and depositary infrastructure, BRICS Clear, an
initiative to complement the existing financial market
infrastructure, as well as BRICS independent
reinsurance capacity, including BRICS
(Re)Insurance Company, with participation on a
voluntary basis."
ON FINANCIAL INNOVATION:
"We welcome the BRICS Interbank Cooperation Mechanism
(ICM) focus on facilitating and expanding innovative
financial practices and approaches for projects and
programmes, including finding acceptable mechanisms of
financing in local currencies."
ON THE IMF:
"We reaffirm our commitment to maintaining a strong and
effective Global Financial Safety Net with a quota-
based and adequately resourced IMF at its centre."
ON G20:
"We recognise the importance of the continued and
productive functioning of the G20, based on consensus
with a focus on result-oriented outcomes."
ON PREVENTION OF FUTURE PANDEMICS:
"We support the initiatives of the BRICS R&D Vaccine
Center, further development of the BRICS Integrated
Early Warning System for preventing mass infectious
diseases risks."
ON BIG CATS:
"While appreciating the efforts of our countries to
preserve rare species and noting the high vulnerability
of big cats, we take note of the Republic of India’s
initiative to create an International Big Cats Alliance
and encourage BRICS countries to work together to make
further contributions to the conservation of big cats."
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