The BRICS Summit in Kazan, Russia, on October 23, 2024 (Photo: ANI/VNA)

According to the joint declaration, BRICS leaders clearly defined the criteria and regulations for partner countries, welcomed the significant interest in joining BRICS from the Global South nations, and pledged to continue to promote the institutional development of BRICS.

The declaration recognized the role of standardization tools in trade facilitation and supported initiatives to enhance tax cooperation and build a more progressive, stable, and effective international tax system.

The leaders emphasized the need to reform the international financial structure to address global challenges and ensure greater inclusivity and fairness and expressed concern over the Middle East tensions, the Russia-Ukraine conflict, the threat of pandemics, and climate change.