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mLine 22:
Line 22: − "BRICS countries should lead the way in reforming the international financial system to reflect the changing global economy. + − +
→New model of development
The BRICS model of development is based on the following principles:
The BRICS model of development is based on the following principles:
*Reform the international financial architecture
*Reform the international financial architecture
:BRICS countries should lead the way in reforming the international financial system to reflect the changing global economy.
*Create an alternative finance system
*Create an alternative finance system
:BRICS countries should create an alternative to the [[World Bank]] and [[International Monetary Fund]] (IMF) through the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA).
:BRICS countries should create an alternative to the [[World Bank]] and [[International Monetary Fund]] (IMF) through the New Development Bank (NDB) and Contingent Reserve Arrangement (CRA).
*[[De-dollarzation|Reduce reliance on the U.S. dollar]]
*[[De-dollarization|Reduce reliance on the U.S. dollar]]
:BRICS countries should reduce their reliance on the U.S. dollar by increasing trade in local currencies or creating a common BRICS currency.
:BRICS countries should reduce their reliance on the U.S. dollar by increasing trade in local currencies or creating a common BRICS currency.
*Promote international cooperation
*Promote international cooperation