BRICS leaders in S Africa calls for countries to work together

Johannesburg: BRICS leaders on Thursday urged the international community to support countries working towards post pandemic economic recovery and address the high debt levels in some nations.

At the end of the BRICS Summit in South African capital, the grouping released the Johannesburg II Declaration that stressed on G20 -- a larger grouping of world's biggest economies -- playing the role of the premier multilateral forum to seek solutions to global challenges.

The leaders stressed on the importance of encouraging the use of local currencies in international trade and financial transactions, and sought strengthening of correspondent banking networks between the BRICS countries and enabling settlements in the local currencies.

They tasked finance ministers and central bank governors to consider the issue of local currencies, payment instruments and platforms.

"We recognise 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," it said.

Recognising that BRICS countries produce one-third of the world's food, the leaders reaffirmed the commitment to strengthen agricultural cooperation and promote sustainable agriculture and rural development for enhancing food security.

The leaders were in favour of encouraging further cooperation among BRICS countries to enhance the inter-connectivity of supply chains and payment systems to promote trade and investment flows.

They reiterated commitment to strengthening the BRICS Contingent Reserve Arrangement (CRA).