Deepening Cooperation Between BRICS Countries Crucial for Economic Stability for Developing Countries

Addis Ababa: At the BRICS trade forum held in Brazil, Chairman of Nigeria’s House Committee on Foreign Affairs, Wole Oke, stressed that deepening cooperation between BRICS countries is crucial for economic stability, especially for developing countries, reports PUNCH Newspaper.

According to Ethiopian News Agency, Oke emphasized that strengthening BRICS trade is not merely an option but a necessity. He urged the BRICS nations to increase trade, invest in one another, and build a trade ecosystem focused on benefiting their populations. Highlighting the importance of digital innovation, strategic resource utilization, and local currency settlements, Oke proposed the establishment of a local currency settlement mechanism to facilitate sustainable trade corridors.

Oke also advocated for joint investment in key sectors such as agriculture, clean energy, manufacturing, and pharmaceuticals, as reported by TV BRICS. He suggested that the New Development Bank expand its role beyond just lending, proposing that it should support trade within BRICS through financial guarantees and affordable financing mechanisms.

Further, he encouraged a unified digital and green transformation across the BRICS group, proposing a common framework for cybersecurity, e-commerce, and artificial intelligence. Emphasizing inclusivity, he stated that BRICS should not be a closed club and called for collaboration with organizations like the African Union, ASEAN, and MERCOSUR to help shape a new, fair, and inclusive global trade order.