BRICS headed by Russia

BRICS headed by Russia

Russia begins chairing the BRICS on April 1 - a group of countries which also includes Brazil, India, China and South Africa.

chairing the BRICS on April 1 - a group of countries which also includes Brazil, India, China and South Africa.Russia’s presidency, which will last a year, is expected to culminate at a summit in the Russian city of Ufa in early July.According to the Russian Foreign Ministry, transforming the BRICS assembly into "a full-scale mechanism of strategic interaction on key issues of global policy and economics" is a top priority for Moscow. The main goal is to launch the group’s development bank and currency reserve pool, as outlined in the Strategy for Economic Cooperation of the BRICS countries established until 2020, referring to the plan proposed by Russia at the BRICS summit in Brazil.

 

Russia’s presidency, which will last a year, is expected to culminate at a summit in the Russian city of Ufa in early July.


According to the Russian Foreign Ministry, transforming the BRICS assembly into "a full-scale mechanism of strategic interaction on key issues of global policy and economics" is a top priority for Moscow. The main goal is to launch the group’s development bank and currency reserve pool, as outlined in the Strategy for Economic Cooperation of the BRICS countries established until 2020, referring to the plan proposed by Russia at the BRICS summit in Brazil.


The Russian Foreign Ministry’s special envoy, Vadim Lukov, said that some Western partners had already started to explore the possibility of joining the BRICS New Development Bank. He reminded that "this is the first time that such institutions have been created without Western countries’ involvement."


Speaking about the tasks of the bank, Lukov pointed out that the new structure would operate on commercial principles. "Shareholders [of the BRICS New Development Bank] believe that all projects should be profitable. This is not a mutual benefit society and not an association providing grants. The New Development Bank will be based on commercial principles," he noted. The head and the board of directors of the new bank are expected to be appointed before the BRICS summit in Ufa.


Among the upcoming events during the Russian presidency is the first official meeting of the BRICS countries’ natural resources ministers on April 22 and consultations between deputy foreign ministers in April-May.

 

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