Latest news with #InterbankCooperationMechanism

See - Sada Elbalad

BRICS Leaders Adopt Declaration at 17th Summit

Nada Mustafa A plenary session of the BRICS summit on the theme of "Peace and Security and Reform of Global Governance" was held in Rio de Janeiro, Brazil. At the end of the meeting, the participants adopted the final declaration, according to TV BRICS. The meeting was opened by Brazilian President Luiz Inacio Lula da Silva. In his speech, he recalled that this was the fourth time the country had hosted the summit. Russian President Vladimir Putin addressed the summit via videoconference. He emphasised that BRICS' authority and influence in the world is growing year by year. The Russian leader stated the need to expand the use of national currencies in mutual settlements. According to him, the creation of an independent settlement and depository system within BRICS will make currency transactions faster, more efficient and safer. This is also reflected in the final declaration. "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," the document says. Putin also noted the importance of Brazil continuing to work on the implementation of Russian initiatives proposed in 2024, including the BRICS Grain Exchange, a climate research centre, a permanent logistics platform and sports cooperation programmes. He expressed confidence that the final declaration of the BRICS summit would create a good basis for further joint activities in the spirit of equal cooperation. In the document, the leaders called for reform of the UN Security Council. Indian Prime Minister Narendra Modi also stated the need for this in his speech at the plenary session. South African President Cyril Ramaphosa expressed a similar point of view. In addition, he noted that the expansion of BRICS opens up new opportunities for strengthening mutual trade, technological exchange and cooperation in the field of green economy. Ramaphosa paid special attention to the fight against terrorism, emphasising that South Africa is committed to the full implementation of the BRICS strategy to counter terrorism. In the declaration, the leaders also condemned the terrorist attack in India on 22 April 2025, which killed 26 people, and called for the speedy finalisation and adoption by the UN of a comprehensive convention on combating international terrorism. Egyptian Prime Minister Mostafa Madbouly announced the priority areas for cooperation among the ten countries: economic integration, energy, infrastructure and financial cooperation, including settlements in national currencies, strengthening the role of the New Development Bank of BRICS, and new technologies. The latter point, namely the development of artificial intelligence (AI), received special attention in the final declaration. "To support a constructive debate towards a more balanced approach, we agreed on the BRICS Leaders' Statement on the Global Governance of Artificial Intelligence, which aims to foster responsible development, deployment, and use of AI technologies for sustainable development and inclusive growth," the document emphasises. In addition, the member countries recognised the importance of continuing work on the BRICS Grain Exchange initiative, agreed to establish the BRICS Space Council and expressed their support for India's Presidency of the group in 2026 and the hosting of the 18th BRICS summit. read more Gold prices rise, 21 Karat at EGP 3685 NATO's Role in Israeli-Palestinian Conflict US Expresses 'Strong Opposition' to New Turkish Military Operation in Syria Shoukry Meets Director-General of FAO Lavrov: confrontation bet. nuclear powers must be avoided News Iran Summons French Ambassador over Foreign Minister Remarks News Aboul Gheit Condemns Israeli Escalation in West Bank News Greek PM: Athens Plays Key Role in Improving Energy Security in Region News One Person Injured in Explosion at Ukrainian Embassy in Madrid News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War News Flights suspended at Port Sudan Airport after Drone Attacks News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean