Russia, XVI BRICS Summit takes place from October 22 to 24

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Second day of the 16th BRICS Summit is underway. teleSUR

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00:00Welcome back. In Kazan, Russia, the BRICS Summit continues on its second day.

00:04Let's see some details from our correspondent Yunus Unar.

00:12Good afternoon from the city of Kazan, the Russian Federation, where the 16th

00:18Summit of the BRICS Alliance has approved its final declaration. The final declaration of

00:26the Summit was endorsed by the nine members present here on the Summit,

00:32on the nine members of the BRICS Alliance, and it has some important statements. First of all,

00:38it speaks about the issue of expanding the BRICS Alliance. Here, the final declaration says

00:46that it is endorsing the concept of the BRICS partner country. It is endorsing the BRICS

00:55partner country category, which will be later on defined, and it will be later on defined

01:02how countries will enter this category. So, for the time being, according to the final declaration,

01:09there will be no new official members, but there will be possibly partner country members.

01:17The document also remembers, reminds, and proposes to advance the institutionalization

01:27of the BRICS Alliance as it has no headquarters, as it has no general secretariat. These are tasks

01:35that it places on itself. The BRICS calls for, again, the UN reform, the reform of the

01:43World Trade Organization, a reform of the International Monetary Fund, too, and a reform

01:49of the Bretton Woods system. That is important. We'll talk about it a little bit later.

01:54It then proceeds to the political sphere, where it positions itself in the current conflicts,

02:00such as Palestine, where the BRICS countries demand an immediate ceasefire, adherence to

02:06international law, the fulfilling of all existing UN resolutions, and the proceeding to the two-state

02:15solution, where Palestine and Israel live side by side. They also demand the freedom of navigation

02:23in the Red Sea and the Bab el-Mendet Strait as a further point, and they condemn the attack on the

02:31Iranian embassy in Damascus pursued by Iran. In regards to Ukraine, there is a point. They say

02:40they recall that there are national positions and they appreciate proposals for mediation.

02:47Main point, as I said, is the economy in the document. That takes a huge part,

02:52and it is far more detailed than the political or the international part. Here, the BRICS document

02:59says that the new development bank, the BRICS Bank, will expand local currency lending and will

03:07establish a new investment platform to pursue, to ensure that capital flows go from the north

03:14to the south. It doesn't stop there. The final declaration welcomes the BRICS interbank

03:21cooperation mechanism and the BRICS cross-border payment initiative. These are initiatives to

03:28pursue trade in national currencies or in cryptocurrencies without having to use the US

03:35dollar. Also, in addition to that, they decide on the BRICS rapid information security channel,

03:43which is to safeguard these mechanisms, for instance, cryptocurrency transfers against

03:50cyber attacks, which is an important point, obviously, in terms of security. They also

03:57welcome the establishment of a trading platform by Russia for grain and, in perspective, other

04:06major agricultural commodities. That is important, that is affecting the grain initiative. As you

04:12know, grain has been subject to speculation after the beginning of the Ukraine war, so now Russia

04:20will establish a trading platform where grain can be bought and sold so that its prices are defined

04:29not in London or in Western trade exchange platforms, but in Russia. And finally, they also

04:36discuss and study, that's their decision, a BRICS clear, again, cross-border settlement and depository

04:43infrastructure. So, a lot of reforms in terms of economy, economic cooperation, financial

04:50cooperation, with the clear perspective of reforming the existing financial international

04:57system, but also introducing more elements that support the multipolar financial system. Beyond

05:03that, there are a lot of decisions regarding cultural cooperation, scientific cooperation.

05:10One thing is important, they decided to establish an intra-BRICS dialogue for cooperation on

05:17artificial intelligence, first to enhance research and production on that field and also, secondly,

05:25to prevent its use for bad intentions, especially for Western countries.

05:37Thank you, Yunus. We will contact you again soon.

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