LOCAL Assets
While China’s President Xi Jinping urged the BRICS countries to intensify their financial and economic assistance, India’s Prime Minister Narendra Modi expressed his satisfaction with the steps being taken for the country’s economic integration.
A BRICS Clear Depositary and Securities Trade Settlement System, as well as a typical underwriting company, were all recommended in the Kazan Declaration.
Putin also urged the establishment of a BRICS investment platform in his speech, which would aid cross-border investment between BRICS nations and could also be used to finance investment in different nations in the Global South.
The Kazan Declaration strengthened the position of the IMF, underscoring the need for further measures, in contrast to earlier claims from senior Soviet leaders regarding the need to find a replacement for the International Monetary Fund ( IMF).
The charter did not mention international money dominance, an issue that was often raised during the Russian president, nor a BRICS one currency and the use of cryptocurrencies, mentioned by Russia as a way to safeguard trade from American sanctions.
The Kazan Declaration reads,” We welcome the use of local economies in financial transactions between BRICS nations and their buying lovers.”