New Delhi, June 3 (KNN) The BRICS nations on Friday emphasised the need for using local currencies in international trade and financial transactions.

Regional economies Brazil, Russia, India, China, and South Africa discussed this besides committing themselves to supporting rule-based open and transparent global trade. 

A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre.

It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023. 

The joint statement titled ‘The Cape of Good Hope’, said ministers expressed their support for a free, open, transparent, inclusive, equitable, non-discriminatory and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, with special and differential treatment (S&DT) for developing countries, including Least Developed Countries.  (KNN Bureau)