BRICS nations discuss economic cooperation and AI innovation

During the 1st BRICS Finance Ministers and Central Bank Governors meeting in Jaipur, India, member nations discussed strengthening economic and financial cooperation to address global challenges. Key topics included geopolitical dynamics, artificial intelligence (AI), cyber risks, and climate change.

Indonesia, represented by Bank Indonesia Deputy Governor Filianingsih Hendarta and Deputy Finance Minister Juda Agung, is advocating for the use of local currencies and enhanced cross-border payment connectivity to bolster economic resilience. Hendarta also emphasized that BRICS nations should transition from being mere users of AI to becoming active innovators through domestic research and capacity building.

In a related development, Iran is set to officially join the BRICS New Development Bank (NDB) in September. Central Bank of Iran Governor Abdolnasser Hemmati stated that the country aims to establish bilateral and trilateral monetary cooperation with member states. Joining the NDB will provide Iran with access to financing for infrastructure, digital development, and urban projects, potentially mitigating the impact of international capital restrictions.