India Advocates for Financial Integration Among BRICS

On 23rd October, 2024, at the 16th BRICS Summit held in Kazan, Prime Minister Narendra Modi emphasized the importance of financial integration among BRICS countries, highlighting India's position on international terrorism and the need for reforming global financial systems.

Key Points

Call for Financial Integration: PM advocated for increased financial cooperation among BRICS countries through trade in local currencies and cross-border payments, citing the success of India’s Unified Payments Interface (UPI).
Reducing Dollar Dependency: The initiative to conduct trade in local currencies is gaining support, especially in light of Western sanctions on Russia, as BRICS aims to lessen reliance on the U.S. dollar.
BRICS Support for Local Currencies: BRICS members recognized the benefits of using local currencies in financial transactions, welcoming the development of correspondent banking networks and BRICS Cross-Border Payments Initiative (BCBPI).
Balancing Global Influence: PM stressed that while BRICS seeks to reform global institutions, it should not be perceived as trying to replace them, highlighting the importance of balance in global leadership.
Kazan Declaration: The BRICS summit issued the Kazan Declaration, addressing major global conflicts, including the Gaza-Israel situation, and calling for an immediate ceasefire and a UN membership for Palestine.
Two-State Solution: The summit reaffirmed its unwavering support for the two-state solution to resolve the Israel-Palestine crisis, holding Israel responsible for the escalation of violence in Gaza and condemning attacks on humanitarian operations.