BRICS Ministers endorse joint declarations containing commitments to strengthen economic cooperation
Ministers of Finance and Central Bank Governors underscore the importance of solidarity and the advancement of strong, sustainable, and more equitable global growth
By Maiva D’Auria | BRICS Brasil
On Saturday, 5 July, the Ministers of Finance and Central Bank Governors of BRICS member states endorsed three declarations containing commitments to strengthen multilateralism and foster economic development among member countries. In addition to the ministerial document, the group adopted a dedicated declaration in support of the United Nations Framework Convention on International Tax Cooperation, as well as the revision of IMF quotas, in support of reforming the international financial system.
“BRICS economies have become increasingly integrated into the global economy and now account for approximately one-quarter of global trade and investment flows. At the same time, member states acknowledge that further progress is needed to ensure that the benefits of globalization, economic growth, and productivity are distributed more equitably among all peoples,” the document affirms.
Among the measures adopted, member states reaffirmed their commitment to constructive and active engagement within international financial institutions and a rules-based multilateral trading system, with the aim of addressing the needs of developing countries and advancing intra-BRICS cooperation to foster development and enhance the resilience of their economies.
Member states also affirm their intention to pursue cooperative efforts aimed at easing trade tensions, including through the reinforcement of solidarity and the promotion of strong, sustainable, and more balanced global growth—thereby fostering an inclusive and universally beneficial economic globalization.
Another key highlight of the Joint Declaration by Ministers concerns the enhancement of coordination among official creditors and debtors—bilateral, multilateral, and private—with a view to assisting Emerging Markets and Developing Economies (EMDEs) in addressing debt-related challenges in a fair and constructive manner, under a development-oriented framework.
The Ministers also called upon international financial institutions to scale up support for adaptation efforts and to help foster an enabling environment that encourages greater private sector participation in mitigation initiatives. To mobilize large-scale private capital, BRICS intends to promote the use of diverse financial instruments—including blended finance mechanisms, guarantees, green bonds, local currency instruments, and interoperable taxonomies—while simultaneously advancing high-integrity voluntary carbon markets.
In the declaration, BRICS Ministers also highlighted the significance of COP30, to be held in Belém this November. They underscored the importance of enhanced engagement by Ministries of Finance and Central Banks in the discussions—particularly with regard to the Roadmap aimed at mobilizing USD 1.3 trillion.
The document further reaffirms the commitment to fiscal transparency and the promotion of a global dialogue on fair and effective taxation, advancing progressivity and contributing to the reduction of inequality. The group also aims to enhance global coordination among tax authorities, improve domestic revenue mobilization, ensure the equitable allocation of taxing rights, and combat tax evasion and illicit financial flows.
Finally, BRICS reaffirmed its commitment to strengthening social participation: “We pledge to continue proactive efforts to enhance social engagement within the BRICS process, deepen cooperation among expert communities and civil society across member states, and reinforce the People-to-People pillar within our economic and financial agenda”.
Joint Declaration by BRICS Ministers of Finance and Central Bank Governors
Declaration in Support of the United Nations Framework Convention on International Tax Cooperation
BRICS Vision from Rio de Janeiro on IMF Quota and Governance Reform
English version: Michel Emmanuel Félix François
Proofreading by: Kelvis Santiago do Nascimento (POET/UFC)