Q. With reference to the Kazan Declaration, recently adopted at the BRICS Summit, consider the following statements:
1.It highlights the benefits of conducting trade in local currencies among BRICS countries to reduce reliance on the U.S. dollar.
2.The BRICS Grain Exchange initiative plans to establish a grain trading platform and subsequently develop it by expanding to other agricultural sectors.
3.The declaration advocate for forming regional alliances for addressing global challenges.
Which of the statements given above are correct?
Red Book
Red Book

[A] 1 and 2 only

[B] 2 and 3 only

[C] 1 and 3 only

[D] 1, 2 and 3

Answer: A
Notes:

Explanation –

Statements 1 and 2 are correct. The Kazan Declaration emphasizes the use of local currencies in financial transactions between BRICS countries and their trading partners to strengthen trade and financial settlements, thereby reducing reliance on the U.S. dollar. The Kazan Declaration welcomes the initiative to establish a BRICS Grain Exchange and mentions plans to expand it to other agricultural sectors.

Statement 3 is incorrect. The declaration focuses on strengthening multilateralism, enhancing BRICS solidarity, and reforming international financial architecture for addressing global challenges.

Source: The Hindu

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