BRICS New Delhi Declaration: 10 key takeaways on UN reform, global trade, Gaza, AI and Pahalgam terror attack

1. Global conflicts alarm: BRICS leaders expressed deep concern over the surge in ongoing conflicts worldwide and the escalating trend of heightened tensions in international relations.

2. UN reform imperative: The declaration underscores the urgent need to overhaul the United Nations system to better represent the Global South, with a particular focus on empowering Brazil and India to assume more significant roles in the Security Council.

3. Financial institutions overhaul: The BRICS nations emphasize the critical necessity to reform the Bretton Woods Institutions, specifically the International Monetary Fund (IMF) and the World Bank, to bolster the representation, quota shares, and voting power of Emerging Markets and Developing Economies (EMDEs).

4. Trade interoperability push: The BRICS Payment Task Force is diligently exploring cross-border payment channel interoperability and trade settlements in local currencies, aiming to streamline transactions among member countries.

5. WTO dispute mechanism restoration: BRICS nations stress the importance of reinstating a fully operational, two-tier binding World Trade Organization (WTO) dispute settlement mechanism and expeditiously appointing Appellate Body members to uphold a rules-based multilateral trading system.

6. Sanctions condemnation: The declaration strongly denounces unilateral coercive economic sanctions, secondary sanctions, and protectionist measures masquerading as environmental policies, such as carbon border adjustment mechanisms.

7. Diplomatic consensus: The joint statement reveals a remarkable consensus among BRICS members, despite deep-rooted differences and competing geopolitical positions on several regional and global issues.