The BRICS ministers of Foreign Affairs met in Russia’s Nizhny Novgorod on June 10 and held a plethora of discussions, including an important one on the enhanced use of local currencies in trade and financial transactions between the BRICS countries. They agreed to jointly develop the New Development Bank into a new type of Multilateral Development Bank of the 21st century and urged the Bank to execute its purpose and functions in accordance with the Agreement on the New Development Bank in a fair manner. Moreover, the Ministers also expressed the intention to promote energy cooperation among the BRICS countries. Notably, Russian Foreign Minister Sergey Lavrov opened the BRICS Ministerial with a minute of silence in memory of the deceased former Iran President Ebrahim Raisi and Iranian Foreign Minister Hossein Amir-Abdollahian. This is the first meeting of foreign ministers since the expansion of BRICS in 2023.

Source: The North Africa Journal June 11, 2024 14:52 UTC