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President Putin: BRICS to strengthen international competitiveness of its members

July 15, 2014, 6:00 UTC+3 MOSCOW

"The BRICS countries have unique natural resources and a substantial technological, financial and industrial potential", - Vladimir Putin said

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MOSCOW, July 15 /ITAR-TASS/. Russia’s President Vladimir Putin says that BRICS member countries (Brazil, Russia, India, China and South Africa) are elaborating Economic Cooperation Strategy at the moment, for they plan to reinforce their competitive ability at the global market.

“On Russia's initiative the BRICS’ Economic Cooperation Strategy is being drafted at the moment. It will focus on creating preconditions for accelerated economic development and strengthening the international competitiveness of our countries, the expansion and diversification of trade relations, and ensuring interaction for innovative growth”, he told Itar-Tass in an interview ahead of the BRICS summit, adding that a number of prospective cooperation ventures are being studied to make sure the document is backed by concrete investment projects.

Putin said Russia intended to actively develop trade and economic ties within the association. He stressed that the share of BRICS member countries’ in Russian foreign trade balance was rising steadily: last year it was 12.5%, but only within the first four months of this year it already reached 13.1%

“Despite instability in the international economy, the volume of the BRICS countries' mutual trade is increasing (in 2013, it was over $300 billion)”, he said.

Russian leader believes that it was in the common interest to use the complementarity of national economies to the maximum, as cooperation opportunities in the sphere are great indeed.

“This is the market with almost three billion consumers. The BRICS countries have unique natural resources and a substantial technological, financial and industrial potential”, Putin stressed.

Russia’s President recalled that last year the member countries’ businesses established the BRICS Business Council, which was still to fully realise its potential. He added that BRICS nations had already started work to identify and eliminate barriers that impede business interaction within the association.

“The BRICS countries have shared attitudes towards other modern challenges in the economy, including the prompt completion of the Doha Round Negotiations, creating a more just global trade system and ensuring transparency in regional trade agreements”, Putin concluded.

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