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BRICS reaffirms G20’s leading role in global economic governance

Global economic governance is critical for countries’ sustainable development, the statement reads

MOSCOW, June 23. /TASS/. The BRICS countries reaffirm the leading role of the Group of 20 in global economic governance, the leaders said in a statement following a summit.

"We reiterate our support for G20’s leading role in global economic governance and underline that G20 shall remain intact and respond to current global challenges," according to the XIV BRICS Summit Beijing Declaration, published on the Kremlin website on Thursday.

Global economic governance is critical for countries’ sustainable development, the leaders said, urging broader participation of emerging markets in international economic decision-making and "norm-setting processes."

"We call upon the international community to foster partnerships while underlining that it is imperative to strengthen macro-policy coordination in driving the world economy out of the crisis and shaping a strong, sustainable, balanced and inclusive post-pandemic economic recovery," the declaration said.

Brazil, Russia, India, China and South Africa urged major developed countries to adopt "responsible economic policies, while managing policy spillovers, to avoid severe impacts on developing countries".