KAZAN, October 24. /TASS/. Bolivian President Luis Arce has said that BRICS furnishes possibilities for strengthening a multipolar financial system.

"We have arrived at the historical BRICS Summit in Russia to strengthen a multipolar financial system based in inclusiveness, mutually beneficial cooperation, respect to sovereignty, and delf-determination of our peoples," he wrote on his Telegram channel.

The 16th BRICS Summit, which is the key event of Russia’s chairmanship in the association, is being held in Kazan on October 22-24. The BRICS group was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining it in 2011. On January 1, 2024, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates, became its full-fledged members. The Kazan summit will be the first to be attended by the new members of the association. On Wednesday, the BRICS members adopted the Kazan declaration, which highlights such topics as the association’s development, its position on global problems, the settlement of regional crises, including in Ukraine and the Middle East.