In its final communiqué, called the Goa Declaration, the Eighth BRICS Summit in Goa, India declared the five-member grouping to be “an influential voice on the global stage, which delivers direct benefits to our people” through, among other things, new financial institutions such as the New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) “which contribute greatly to the global economy and the strengthening of the international financial architecture.“

The BRICS is committed, the Goa Declaration stresses, to a “comprehensive, concerted and determined approach” to face the challenges posed by global security threats and economic recession, to bring about the “transition to a multipolar international order.” The final declaration expresses the BRICS’ commitment “to international law and the central role of United Nations as the universal multilateral organization entrusted with the mandate for maintaining international peace and security, advance global development and to promote and protect human rights.”

In addressing global security concerns, the Goa Declaration underscores that development and security are “closely interlinked, mutually reinforcing and key to attaining sustainable peace.” It rejects intervention into the internal affairs of other countries, urging “cooperation excluding imposition of unilateral coercive measures not based on international law … we condemn unilateral military interventions and economic sanctions in violation of international law….”

In the specific cases of Syria and North Africa, the Declaration states that these are matters of deep concern, requiring solutions “in accordance with international law” and in conformity with the principles of “independence, territorial integrity and sovereignty of the countries of the region…. We will call upon all parties involved to work for a comprehensive and peaceful resolution of the conflict, taking into account the legitimate aspirations of the people of Syria, through inclusive national dialogue and a Syrian-led political process.”

The BRICS nations condemn international terrorism “in all its forms,” and agree to strengthen cooperation in combating it. The Islamic State, Daesh and its affiliates, are “a global and unprecedented threat to international peace and security…. We call upon all nations to adopt a comprehensive approach in combating terrorism….”

The BRICS nations noted that the global recovery is “progressing,” but challenges remain. Moreover, “geopolitical conflicts … have further added to the uncertainty of the global economy.” The Declaration asserts that while monetary policy will continue to support economic activity, “monetary policy alone … cannot lead to balanced and sustainable growth.” Innovation is key: “We stress the importance of industrialization and measures that promote industrial development as a core pillar of structural transformation.” In this context, the BRICS agreed to consult and coordinate on implementation of the G20 agenda, outlined at the June G20 summit in Hangzhou, China, “to strengthen macro-economic cooperation, … as well as robust and sustainable trade and investment to propel global growth … enhance the role of developing countries, and strengthen international financial architecture.”

The Goa Declaration specifies that nuclear energy will play “a significant role for some of the BRICS countries in meeting their 2015 Paris Climate Change Agreement commitments” and points to the importance of “predictability in accessing technology and finance for expansion of civil nuclear energy capacity which would contribute to the sustainable development of BRICS countries.” (Emphases are added.)

Despite efforts to portray the BRICS grouping as “dead” or “of no importance,” the just-concluded Eighth BRICS Summit in Goa, India displayed exactly the opposite: the BRICS exists as an institution, and despite upheavals in the world economy and British geopolitical machinations, these nations have consolidated their place as a “voice of influence on the world stage,” as the final Goa Declaration communiqué put it. The full functioning of the New Development Bank, which will ramp up lending to $2.5 billion next year, after a successful first year of operations, is evidence of the BRICS institutional character.

Chinese President Xi Jinping underscored this point in his remarks to the BRICS Business Council which met Saturday. The global economy is still in the midst of a “treacherous recovery” he said, yet despite difficulties, “the potential and strength of the BRICS countries in terms of resources, market and labor force is unchanged,” and continue to look positive for the future. The BRICS countries, he affirmed, have much to be proud of. “The past decade has seen BRICS partnerships expanding with win-win results. We need to deepen our partnerships: We BRICS countries are good friends, brothers and partners that treat each other with sincerity,” he was widely quoted in media today.

Indian Prime Minister Narendra Modi seconded that sentiment, addressing the Business Council, saying “I think I speak for all when I say that through a common vision and collective action, we will create and sustain deeper bonds among BRICS nations, develop our economies and secure our societies. While our achievements have been substantial, we need to sustain the positive direction and strong momentum of intra-BRICS engagement.” He particularly emphasized the importance of institution building in the BRICS nations, saying he looked forward to the creation of a BRICS credit rating agency, speeding up the Agriculture Research Center, Railway Research Network, and sports council, among others entities.

Addressing the Council Saturday, Russian President Vladimir Putin reported that “we will now build on this strategy with the new investment cooperation roadmap currently under preparation.” Establishing close contacts and cooperation between the Business Council and the NDB is very important, he emphasized. “We hope to see relevant recommendations from the business community on expanding project activity with the Bank.” Putin noted that the first BRICS Trade Fair held in New Delhi Oct. 12-14 with Business Council support showed “our countries’ real potential for developing economic cooperation and expanding our work together in industry and technology.” Russia will continue efforts to facilitate economic rapprochement between BRICS countries and to lay the groundwork for launching new business projects, he said.