BRICS Finance Ministers Meeting 2024, February 27, Sao Paulo, Brazil

The BRICS Finance Ministers Meeting for 2024 under Russia’s chairship took place on February 27, 2024 in Sao Paulo, Brazil. This was the first meeting of BRICS Finance Ministers and Central Bank Governors under Russia’s BRICS Chairship for 2024.

Key points about the meeting:

1. Priorities and goals: Russian Finance Minister Anton Siluanov discussed the priorities of the financial track and the chairship’s goal of improving the international monetary and financial system.

2. Focus areas:
– Developing an independent financial infrastructure to strengthen autonomy and financial sovereignty of developing countries
– Increasing the use of national currencies for mutual settlements
– Creating a more equitable financial infrastructure

3. Planned initiatives:
– Preparation of a report by the end of 2024 with recommendations on improving the international monetary and financial system
– Creation of a multilateral digital settlement and payment platform called “BRICS Bridge”

4. Other topics discussed:
– Global economic development outlook
– Current state of BRICS economies
– Customs and taxation cooperation
– Mixed financing for infrastructure projects
– Launch of the BRICS Financial Research Network
– Expanding cooperation in insurance and reinsurance
– Improved collaboration between stock exchanges of BRICS countries

5. Future meetings: Three meetings are planned for deputy finance ministers to work on the agenda issues, with the final meeting of BRICS Finance Ministers and Central Bank Governors scheduled for October 2024 in Russia.

It’s worth noting that this meeting was particularly significant as it was the first to include representatives from the five new BRICS members that joined on January 1, 2024: Egypt, Iran, United Arab Emirates, Saudi Arabia, and Ethiopia.

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