The “BRICS” summit is launched today in Brazil

The leaders of the “Brix” group of major emerging markets in the Brazilian city of Rio de Janeiro are meeting today, Sunday, to hold a two -day summit.

The summit, chaired by Brazil, plans to address health policy issues, artificial intelligence, and climate change.

The “Brex”, which was established in 2009, includes the membership of the founding states: Brazil, Russia, India, China and South Africa, and in early 2024, joined by: the UAE, Egypt, Iran, and Ethiopia, while Indonesia joined last January.

In a related context, the BRICS ministers called in a joint statement yesterday, Saturday, to reform the International Monetary Fund, including a new distribution of voting rights.

In the statement, they agreed to support the joint proposal at the International Monetary Fund review meeting that will be held in December, which will discuss changes in the shares system that defines contributions and voting rights.

They said: “The reorganization of the classes must reflect the relative centers of members in the global economy while protecting the quotas of the most poverty members,” adding: “The new formula should increase the stakes of developing countries.”

They pointed to discussions to create a new guarantee mechanism supported by the National Development Bank, which is a multilateral bank funded by the “BRICS” group, aimed at reducing financing costs and enhancing investment in developing economies.