The leaders noted that these unilateral restrictions have far-reaching negative consequences on fundamental human rights in targeted countries, specifically undermining access to food security, healthcare, and overall economic development.

The declaration also reaffirmed BRICS’ commitment to strengthening global economic governance, noting the growing share of EMDEs in global output and growth.

It called for reform of the Bretton Woods Institutions to make them more agile, effective, credible, inclusive, fit for purpose, unbiased, accountable and representative, with their governance structures reflecting the transformation of the global economy since their establishment.

BRICS further said the voice and representation of EMDEs in the Bretton Woods Institutions must reflect their relative position in the global economy and called for greater regional diversity and representation of EMDEs in the leadership of the IMF and World Bank.