MOSCOW, July 6. /TASS/. BRICS member states must substantially increase the volume of mutual investments, including through the bloc’s institutional mechanisms and the New Development Bank, Russian President Vladimir Putin stated in his video address to the BRICS summit.

"It is an urgent task for the BRICS countries to significantly expand the scale of mutual investments, including through the mechanisms of the association and, first and foremost, the New Development Bank," Putin said.

To this end, he said, Russia has proposed to create a new BRICS investment platform. "The idea is to jointly develop coordinated tools to support and attract financing for the economies of our countries and those of the Global South and East," he explained.

Putin noted that it is important that Brazil has continued to advance the initiatives put forward during Russia’s BRICS chairmanship last year. "Among our shared achievements, I would highlight the launch of a special consultation mechanism on World Trade Organization matters. Progress is also being made in establishing a BRICS grain exchange, a climate research center, a permanent logistics platform, and a sports cooperation program," the Russian president added.

He also recalled other useful Russian proposals. "These include the formation of a BRICS partnership on carbon markets, an Investment Arbitration Center, a platform for fair competition, and a permanent tax secretariat. We are counting on the support of our BRICS colleagues for these promising undertakings," the Russian leader concluded.