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Russia hopes to turn BRICS into full-fledged mechanism of collaboration

June 30, 2015, 15:29 UTC+3 MOSCOW
As Russia is fulfilling the functions of BRICS chairman, it is guided first and foremost by this objective, Deputy Foreign Minister Sergey Ryabkov, who is Russia’s sherpa in BRICS said in an article
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© Alexey Druzhinin/TASS

MOSCOW, June 30. /TASS/. Russia hopes to turn BRICS into a full-fledged mechanism of collaboration on key issues of world politics and economy, Deputy Foreign Minister Sergey Ryabkov, who is Russia’s sherpa in BRICS said in an article in a special edition of Mezhdunarodnaya Zhizn (International Life) magazine that is entirely devoted to the summit of the informal association of the five countries in the Russian city of Ufa at the beginning of July.

The Russian Foreign Ministry placed the article on its official website on Tuesday.

"Russia and its partners have a long-term goal stipulated in the group’s Durban declaration, and it is to transform BRICS into a full-fledged mechanism of strategic and current inter-action on vital issues of world politics and economy," Ryabkov said.

"As Russia is fulfilling the functions of BRICS chairman, it is guided first and foremost by this objective," he indicated.

Ryabkov paid attention to an important objective of Russia’s chairmanship in the association, namely, a full-scale launch of a new BRICS Bank for Development and the setting up of a Pool of Reserve Currencies.

"These mechanisms are oriented at a stabilization of national markets of capital in case of critical situations in global economy, the expansion of capabilities for joint crediting, and support for trade and investment relations of the five countries," Ryabkov said.

"The Russian side will be ready to hand about forty new proposals on investment cooperation in the form of a roadmap to the partners," he said. "This roadmap will play the role of a useful benchmark for the New Development Bank, the BRICS Business Council, and economic departments of the five nations."

Ryabkov mentioned Moscow’s plans to promulgate cooperation to the mining of mineral resources, power engineering, and telecommunications.

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