BRICS to seek reform of institutions of global economic governance

NEW DELHI, September 12. /TASS/. Reforming the system of global economic governance is one of BRICS’ priorities, member states said in the New Delhi Declaration adopted at the group’s 18th summit.

"With the growing share of emerging markets and developing economies (EMDEs) in global output and growth, reform of global economic governance remains a consistent BRICS priority," the document reads.

"We will continue to strengthen coordination among BRICS members to make international financial institutions more representative, transparent and accountable," the leaders added.

They reiterated "the urgent need to reform the Bretton Woods Institutions (BWI) to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable, and representative, to enhance their legitimacy."

"BWI governance structure should be reformed to reflect the transformation of the global economy since their establishment. The voice and representation of EMDEs in the BWI must reflect their relative position in the global economy. We also reiterate our call for improved management procedures, including through a merit-based, inclusive and transparent selection process that would increase regional diversity and representation of EMDEs in the leadership of the IMF and the World Bank," the declaration added.