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Launching New Development Bank priority for BRICS — Brazilian diplomat

The next BRICS summit will take place in Russia’s Ufa in July 2015

© AP Photo/Andy Wong

RIO DE JANEIRO, March 31. /TASS/. Launching the New Development Bank (NDB) and creating a reserve currency pool will be one of the top priorities for the BRICS countries during Russia’s presidency in the organization, Brazil’s sous-sherpa at BRICS, Director of Regional Mechanisms of the Foreign Ministry of Brazil Flavio Damico told TASS on Tuesday.

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"During Russia’s presidency, we hope to see how mechanisms of our cooperation are developing and strengthening and [how] cooperation spheres are expanding," Damico said, commenting on the upcoming ceremony of handing over the presidency in the association to Russia on April 1. "Along with preparatory works on launching the Development Bank and a reserve currency pool in accordance with decisions made at the BRICS summit held in July last year in the Brazilian city of Fortaleza, the issues of ratifying the corresponding agreements will be discussed," he added.

"Here in Brazil we are currently working to speed up the ratification in the parliament," Damico said, adding that "Russia has gone ahead in this respect." On March 9, Russian President Vladimir Putin signed a law on ratification of the agreement that stipulated establishing the New Development Bank by BRICS countries (Brazil, Russia, India, China and South Africa).

Talking about the place and role of BRICS in the modern system of international relations, Damico said that the association "has been a significant factor in world affairs right from the moment of its establishment as countries in the group have big influence in decision-making on the international arena."

"After they began coordinating their actions, their influence has grown even more," the diplomat said. "Wide coordination between the BRICS countries became the new factor in the international life," he added. The countries in the organization are "very large and complex," and it is only logical that "there are spheres where coordination and cooperation are moving forward very fast and some spheres where more effort is needed to see tangible progress," Damico said.

The next BRICS summit will take place in Russia’s Ufa in July 2015.

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