BRICS nations express support for India’s G20 presidency

Johannesburg, Aug 25: The 15th BRICS Summit joint statement expressed support for India’s G20 presidency. “We look forward to the successful hosting of the 18th G20 Summit in New Delhi under the Indian G20 Presidency. We note the opportunities to build sustained momentum for change by India, Brazil and South Africa presiding over the G20 from 2023 to 2025,” the statement added. It also stated that the BRICS nations are committed to a balanced approach by continuing to amplify and further integrate the voice of the global South in the G20 agenda under the Indian Presidency in 2023 and the Brazilian and South African presidencies in 2024 and 2025. The statement further highlighted, “We reaffirm the importance of the G20 to continue playing the role of the premier multilateral forum in the field of international economic and financial cooperation that comprises both developed and emerging markets and developing countries where major economies jointly seek solutions to global challenges.” The joint declaration added that we welcome and support the inclusion of the African Union as a member of the G20 at the New Delhi G20 Summit. Moreover, it states that the BRICS nations recognize their role of working together to deal with risks and challenges to the world economy in achieving global recovery.” We recognize the important role of BRICS countries working together to deal with risks and challenges to the world economy in achieving global recovery and sustainable development. We reaffirm our commitment to enhance macro-economic policy coordination, deepen economic cooperation, and work to realize strong, sustainable, balanced and inclusive economic recovery.”
The statement also said that the high debt levels in some countries reduce the fiscal space needed to address the current development challenges. “We note that high debt levels in some countries reduce the fiscal space needed to address ongoing development challenges aggravated by spillover effects from external shocks, particularly from sharp monetary tightening in advanced economies. Rising interest rates and tighter financing conditions worsen debt vulnerabilities in many countries,” the statement stated The BRICS joint statement said that it is important to address the international debt agenda properly to support economic recovery and sustainable development while taking into account each nation’s laws and internal procedures. “One of the instruments, amongst others, to collectively address debt vulnerabilities is through the predictable, orderly, timely and coordinated implementation of the G20 Common Framework for Debt Treatment, with the participation of official bilateral creditors, private creditors and Multilateral Development Banks in line with the principle of joint action and fair burden-sharing,” it added.