We bind people, cultures and countries together

BRICS Chairman 2024
Cooperation in Economy,
Finance, and Beyond.

Priority focus

Cooperation in economy and finance

  • Uniting efforts against the fragmentation of the multilateral trade system, increased protectionism, and the introduction of illegal unilateral trade restrictions
  • Adapting the global trade system to threats related to the consequences of global crises
  • Strengthening interaction among BRICS states on the relevant multilateral platforms, including the World Trade Organization, the International Monetary Fund, the World Bank Group, and the G20
  • Increasing the volume of trade and direct investment
  • Promoting a balanced and fair transition to a low-carbon economy
  • Implementing the Action Plan for Innovative Cooperation for 2021-2024 and further intensifying cooperation in this area
  • Enhancing the role of BRICS states in the international monetary and financial system
  • Developing interbank cooperation, providing assistance in transforming the international payment system, and expanding the use of the national currencies of BRICS states in mutual trade
  • Strengthening cooperation on the use of payment systems and financial technologies
  • Intensifying the dialogue between BRICS states on industrial development issues that aim to promote increased labour productivity and digitalization
  • Strengthening cooperation in the agricultural sector, including the development of mutual trade, as well as ensuring food security
  • Intensifying cooperation in the energy sector, including assistance in ensuring energy security
  • Expanding cooperation in the transport sector
  • Boosting capacity to detect and respond to outbreaks of infectious diseases of international concern as well as interaction to reduce the spread of and eradicate epidemics
  • Intensifying cooperation to prevent and eliminate the consequences of natural and man-made emergencies
  • Strengthening cooperation in technology transfers using the potential of the network of BRICS centres and supporting joint high-tech production in BRICS states
  • Intensifying cooperation among the business communities of BRICS states

As the world continues to grapple with the consequences of global crises, fragmentation of the
multilateral trade system, and increased protectionism, the BRICS nations have come together to strengthen their cooperation on a range of critical issues. Under the chairmanship of Brazil in 2024, the BRICS nations will focus on enhancing their collective efforts to promote economic growth, financial stability, and global cooperation.

Countering Fragmentation and Protectionism

One of the primary objectives of the BRICS chairmanship is to unite against the forces of fragmentation and protectionism that are threatening the multilateral trade system. This includes introducing illegal unilateral trade restrictions, which can have far-reaching consequences for global economic stability. The BRICS nations will work together to adapt the global trade system to the challenges posed by these crises, ensuring that their economies remain resilient and competitive.

Strengthening Multilateral Platforms

The BRICS nations will also strengthen their interaction on relevant multilateral platforms, including the World Trade Organization (WTO), International Monetary Fund (IMF), World Bank Group, and the G20. These platforms provide a critical forum for international cooperation, allowing the BRICS nations to share best practices, address common challenges, and promote sustainable development.

Economic Cooperation

To drive economic growth, the BRICS nations will focus on increasing trade and direct investment between member states. This includes promoting a balanced and fair transition to a low-carbon economy, which will help mitigate the impacts of climate change while driving innovation and job creation.

Financial Cooperation

In addition to economic cooperation, the BRICS nations will enhance their financial cooperation by
developing interbank cooperation, providing assistance in transforming the international payment system, and expanding the use of national currencies in mutual trade. This will help reduce reliance on foreign currencies, promote financial stability, and facilitate cross-border transactions.

Sectoral Cooperation

The BRICS nations will also intensify their sectoral cooperation in areas such as:

1. Agriculture: Developing mutual trade agreements, ensuring food security, and promoting
sustainable agricultural practices.

2. Energy: Assisting member states in ensuring energy security, developing renewable energy sources,
and promoting energy efficiency.

3. Transportation: Expanding cooperation in the transportation sector to improve connectivity and
reduce logistics costs.

4. Healthcare: Boosting capacity to detect and respond to outbreaks of infectious diseases of international concern, reducing the spread of epidemics, and strengthening healthcare systems.

Technology Transfers and Innovation

To drive innovation and economic growth, the BRICS nations will strengthen cooperation in technology transfers using the potential of their network of BRICS centres. This includes supporting joint high-tech production in member states, promoting research and development, and fostering

Business Community Cooperation

Finally, the BRICS nations will intensify their cooperation among business communities to promote trade, investment, and economic growth. This includes strengthening partnerships between small and medium-sized enterprises (SMEs), promoting innovation and entrepreneurship, and creating new opportunities for economic cooperation.

In conclusion, under the chairmanship of Russia in 2024, the BRICS nations are committed to fostering cooperation in economy, finance, and beyond. By working together to address the challenges posed by global crises, the BRICS nations can promote sustainable development, drive economic growth, and enhance their collective influence on the global stage.

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