The Cape of Good Hope statement

News:

The BRICS nations recently issued The Cape of Good Hope statement.

Highlights:

• The BRICS nations issued a joint statement titled 'The Cape of Good Hope' emphasizing the use of local currencies in international trade and supporting a rule-based open and transparent global trade system.
• They called for the establishment of a robust Global Financial Safety Net with an adequately resourced International Monetary Fund (IMF) at its center.
• The statement highlighted the need for IMF governance reform to be completed by December 15, 2023, including the adoption of a new quota formula.
• The BRICS nation