The leaders of Brazil, Russia, India, China, and South Africa held their 14th annual summit on Thursday virtually. This year, the summit was chaired by China.
BRICS members vowed to widen the Shanghai-based New Development Bank (NDB) on Thursday, following the successful admission of Bangladesh, Egypt, the United Arab Emirates (UAE) and Uruguay in September 2021.
“We look forward to further membership expansion in a gradual and balanced manner in terms of geographic representation and comprising of both developed and developing countries, to enhance the NDB’s international influence as well as the representation and voice of Emerging Market and Developing Countries (EMDCs) in global governance,” the 75-point joint declaration released after the summit read.
BRICS has supported the NDB’s goals of attaining the highest possible credit rating and institutional development. The BRICS member nations have also stressed that they have a similar approach to the global economic governance, and their mutual cooperation can make a valuable contribution to the post-Covid economic recovery.