The recent Rio Summit in July 2025 marked a pivotal moment for financial collaboration among BRICS nations, as leaders came together to address pressing economic challenges and promote sustainable development. The publication provides the following information:
Key Declarations on IMF Reforms
During the summit, three key finance-related declarations were made, emphasizing the need for reforms in the International Monetary Fund (IMF) quotas. This move is seen as essential for ensuring that emerging economies have a stronger voice in global financial governance.
Support for International Tax Cooperation
Additionally, the BRICS countries expressed their commitment to supporting the UN Framework Convention on International Tax Cooperation. This initiative aims to enhance transparency and fairness in international taxation, which is crucial for fostering economic growth and development in member states.
New Financing Mechanisms for Infrastructure Development
Looking ahead, the summit also laid the groundwork for new financing mechanisms aimed at infrastructure development. These initiatives are expected to be rolled out in the coming years, providing much-needed support for various development projects across the BRICS nations, ultimately contributing to their economic resilience and growth.
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