Full text of BRICS Summit Brasilia Declaration

Economic and Financial Cooperation

23. Since our last meeting, global economic growth has weakened, and downside risks have increased. Trade tensions and policy uncertainty have taken a toll on confidence, trade, investment and growth. In this context, we recall the importance of open markets, fair, just and non-discriminatory business and trade environments, structural reforms, effective and fair competition, promoting investment and innovation, as well as financing for infrastructure and development. We stress the need for greater participation of developing countries in global value chains. We will continue to cooperate within the G20 and advance the interests of EMEs and developing countries.

24. While noting that the BRICS countries have been the main drivers of global growth over the last decade and currently represent close to a third of global output, we are convinced that continued implementation of structural reforms will enhance our growth potential. Trade expansion among BRICS members will further contribute to strengthening international trade flows. We further advocate for continued use of fiscal, monetary and structural policies to achieve strong, sustainable, balanced and inclusive growth. We call on major advanced and emerging market economies to continue policy dialogue and coordination in the context of the G20 and other fora to advance these objectives and to address potential risks.

25. We reaffirm our commitment to a strong, quota-based and adequately resourced IMF at the center of the global financial safety net. We are deeply disappointed that the 15th General Review of Quotas (GRQ) failed in increasing the quota size of the Fund and realigning quota shares of member countries, including in favor of emerging markets and dynamic economies (EMDEs), which remain under-represented in the Fund. We also support protecting the voice and representation of the poorest members. We call upon the IMF to start work on quota and governance reform on the basis of the principles agreed in 2010 under the 16th GRQ in right earnest and within a tight timeframe.

26. We reiterate the fundamental importance of a rules-based, transparent, non-discriminatory, open, free and inclusive international trade. We remain committed to preserving and strengthening the multilateral trading system, with the World Trade Organization at its center. It is critical that all WTO members avoid unilateral and protectionist measures, which run counter to the spirit and rules of the WTO.

27. We recognize the importance of necessary WTO reform, including in the lead up to the 12th WTO Ministerial Conference, to ensure the effectiveness and relevance of the Organization and its capacity to better address current and future challenges. Our countries will work with all WTO Members to advance a process for necessary reform that is balanced, open, transparent and that promotes inclusivity and development. The reform must, inter alia, preserve the centrality, core values and fundamental principles of the WTO, and consider the interests of all members, including developing countries and LDCs.

28. We emphasize the importance of the WTO Dispute Settlement Mechanism, with its two-stage binding adjudication system. The Appellate Body is essential to the regular and effective functioning of the Organization and the fulfilment of its rules. We underline the urgency to overcome the impasse in the appointment of members to the Appellate Body, and call upon all members to agree to initiate the Appellate Body selection process promptly.

29. We will explore in appropriate fora ways to promote and facilitate investments in productive sectors, e-commerce, MSMEs, infrastructure and connectivity, which will help to promote economic growth, trade and job creation. In so doing, we will take into account national imperatives and policy frameworks, with the aim of enhancing transparent, effective and an investment-friendly business environment.

30. We note with appreciation the role of the New Development Bank (NDB) in infrastructure and sustainable development financing. We stress the need for enhanced efforts to build a strong, balanced and high-quality portfolio of projects. We also note with pride the 5th anniversary of the signing of the NDB's Articles of Agreement in Fortaleza, Brazil and welcome the upcoming mid-term review of NDB's General Strategy.

31. We welcome the opening of NDB Regional Offices and their activities in member countries. We welcome the establishment of the Americas Regional Office in Sao Paulo, along with its sub-office in Brasilia, and look forward to the opening of the two remaining NDB Regional Offices in Russia and India in 2020. Building upon the core functions of the Bank's headquarters, its Regional Offices shall contribute to expanding its operations and striving for a more robust project portfolio for all member countries.

32. We acknowledge the progress made by the New Development Bank towards expanding its membership. The expansion of the NDB membership in accordance with its Articles of Agreement will strengthen the Bank's role as a global development finance institution and further contribute to the mobilization of resources for infrastructure and sustainable development projects in BRICS and other EMDC's. We look forward to the Board of Governors concluding the preparatory work with the aim of taking timely and considered decisions on the expansion of the membership in due course.

33. We also attach great importance to other key cooperation initiatives, encompassing the BRICS Task Force on PPP and Infrastructure, which facilitates dialogue on infrastructure, including the G20 infrastructure agenda, the NDB's Project Preparation Facility, the effectiveness of which will be enhanced by launching its first set of projects at the earliest, and our cooperation with a view to enhancing the representation of developing countries and emerging economies in the Multilateral Development Banks.

34. We note with satisfaction further steps undertaken to ensure the preparedness of the Contingent Reserve Arrangement (CRA) and welcome the conclusion of a second test run, with added elements of complexity, of the de-linked portion of the CRA mechanism, including encashment.

35. We note the progress achieved in establishing a BRICS Local Currency Bond Fund and look forward to its operation. We support the on-going collaboration to develop our local bond markets. We will continue to communicate on other possible areas of currency cooperation, consistent with each central bank's mandate.

36. We acknowledge the importance of the BRICS Survey on International Payments System.

37. We positively assess the progress achieved under the Strategy for BRICS Economic Partnership including ensuring innovative, sustainable and inclusive economic growth and look forward to its review under the Russian Chairmanship in 2020. We applaud the progress that members have made in the implementation of the BRICS Action Agenda on Economic and Trade Cooperation, promoting several activities for policy sharing, information exchange, trade and investment facilitation and promotion, and development of trade studies. We welcome the conclusion of the BRICS Joint Trade Study Review, which identified trade and investment potential between BRICS countries, and instruct our ministers to continue to take actions that give support for joint initiatives of cooperation between our countries.

38. We welcome the holding of the BRICS Business Forum and acknowledge the efforts of the BRICS Business Council (BBC) in promoting trade and investment among its members by fostering cooperation in areas such as infrastructure, manufacturing, energy, agribusiness, including biotechnology, financial services, regional aviation, alignment of technical standards, skills development and digital economy.

39. We welcome the establishment of the BRICS Women Business Alliance (WBA), which aims at increasing the role of women as drivers of economic growth, contributing to the economic empowerment of women in our countries and bringing a distinctive perspective on issues of interest for the BRICS business community. The WBA's agenda, working methods and other matters related to its functioning will be determined by its members. We look forward to the selection of five members per country and the holding of the first meeting of the WBA to take place as early as possible in 2020.

40. We call on the WBA and BBC to cooperate actively and coordinate their activities in order to be mutually reinforcing and strengthen the participation of women in all BRICS business initiatives, including in the BBC.

Regional Situations

41. We reaffirm our commitment to collective efforts for peaceful settlement of disputes through political and diplomatic means, and recognize the role of the UN Security Council as bearing the primary responsibility for maintaining international peace and security.

42. Regarding the situation in the Syrian Arab Republic, we reaffirm our strong commitment to the sovereignty, independence, unity and territorial integrity of the country. We express our conviction that there can be no military solution to the Syrian conflict. We also reaffirm our commitment to advancing a Syrian-led and Syrian-owned, UN-facilitated political process in line with United Nations Security Council Resolution 2254 (2015). We express our support to the creation of the Constitutional Committee, thanks to the efforts of the UN, the Astana Guarantors and all states engaged in efforts to address the conflict through political means. We call on all parties to allow for unhindered humanitarian aid and to fully implement a sustainable ceasefire in the Idlib region, which does not encompass terrorist groups and entities that are designated as such by the UN Security Council. We reaffirm the international obligations to fight terrorism in all its forms and highlight the importance of unity in the fight against terrorist organizations in Syria that are designated as such by the UN Security Council. We also express concern with the suffering of vulnerable ethnic and religious communities and minorities. We remain deeply concerned with the humanitarian situation in Syria and the risks of dispersion of terrorists. We urge all parties to facilitate humanitarian aid to all Syrians throughout the country without preconditions. Bearing in mind the need to protect civilians under international human rights law and international humanitarian law throughout the territory of Syria, we welcome the efforts to de-escalate the crisis in northeastern Syria, in particular the Memorandum of Understanding signed by Russia and Turkey on 22 October 2019.

43. We reaffirm our concern about the ongoing conflict and the deteriorating humanitarian crisis in the Republic of Yemen and call on the parties to facilitate the rapid, safe and unhindered access to humanitarian personnel and supplies across the country. We recognize that the Yemeni conflict has a significant impact on the security and stability of the whole region and reiterate our support of the Stockholm Process and the efforts of the United Nations towards a peaceful Yemeni-led resolution to the conflict, under the auspices of the United Nations.

44. We are unanimous in our resolve that the conflicts elsewhere in the Middle East and North Africa should not be used as pretext to delay resolution of the long-standing Palestinian-Israeli conflict. Guided by the international framework in place, such as the relevant UN resolutions, the Madrid principles and the Arab Peace Initiative, we reiterate that the two-state solution will enable Israelis and Palestinians to live side by side, in peace and security. In this context, we express, furthermore, the need for new and creative diplomatic efforts to achieving a just and comprehensive settlement of the Palestinian-Israeli conflict, in order to achieve peace and stability in the Middle East.

45. We express our serious concern about the ongoing crisis in the Gulf region, including one-sided actions and reaffirm our support for the resolution of the existing disagreements through negotiations and diplomatic engagement. We stress the need for promoting a positive, constructive agenda in the region, in which all countries jointly respond to common threats and challenges. We underscore that UN member states are obligated under article 25 of the UN Charter to accept and carry out the Security Council decisions.

46. We reiterate our continuous support to the people of Afghanistan in their effort to build a stable, inclusive, peaceful and prosperous country. We firmly believe that there is no military solution to the situation in Afghanistan. We reaffirm our support for a process of peace and reconciliation that is Afghan-owned and Afghan-led. We express concern over the persistence of terrorist-related attacks.

47. We reaffirm our support for a peaceful, diplomatic and political solution to the situation in the Korean Peninsula, as well as for its complete denuclearization. We underline the importance of maintaining peace and stability in North East Asia.

48. We commend the efforts of the African Union and sub-regional organizations in addressing regional issues and managing conflicts in the interest of peace and security in the continent and reiterate the importance of collaboration between the United Nations and the African Union. We urge all parties to cease immediately all military action in Libya and to engage with the United Nations and the AU High Level Committee on Libya and relevant stakeholders to ensure a comprehensive and sustainable solution through a Libyan-led and Libyan-owned political process.

49. We congratulate the Sudanese people for the signing on 17 August 2019 in Khartoum of the Political Agreement and Constitutional Declaration, which we consider an important step towards the stabilization of the political situation in Sudan. We acknowledge the efforts of the African Union and the Ethiopian government, whose mediation contributed to the conclusion of negotiations.