BRICS call for IMF reform, fairer AI governance

Brazilian President Luiz Inácio Lula da Silva addressed the second plenary session of the 17th BRICS Summit in Rio de Janeiro on Monday, focused on “Strengthening Multilateralism, Economic and Financial Affairs, and Artificial Intelligence.”

Alongside leaders and authorities from the bloc’s countries, Lula called for an inclusive reform of the IMF and highlighted the bloc’s efforts to develop faster, cheaper, and more secure cross-border payment systems.

“While unilateralism creates barriers to trade, our bloc is working to develop faster, cheaper, and more secure cross-border payment systems. This will boost our flow of trade and services,” said Lula.

Lula also stressed the importance of fair governance for artificial intelligence.

“By adopting the Declaration on Artificial Intelligence Governance, BRICS is sending a clear and unequivocal message: new technologies must operate within a fair, inclusive, and equitable governance framework. The development of artificial intelligence cannot become a privilege of a few countries or a tool of manipulation in the hands of billionaires,” Lula said.

BRICS was founded by Brazil, Russia, India, China and South Africa, but the group last year expanded to include Indonesia, Iran, Egypt, Ethiopia, and the United Arab Emirates. As well as new members, the bloc has 10 strategic partner countries, a category created at last year’s summit that includes Belarus, Cuba and Vietnam.