KAZAN, October 23. /TASS/. Russian President Vladimir Putin proposed discussing deeper financial cooperation, further expansion of the association and the settlement of acute conflicts at the BRICS summit.

"Now, in a narrow format, we propose considering the most pressing aspects of the global agenda, exchanging opinions on the topic of cooperation between BRICS states in the international arena, including the settlement of acute regional conflicts," the head of the Russian state said, opening the meeting of the association's summit in a narrow format.

According to Putin, attention should be paid to the implementation of "two important decisions of the previous summit in Johannesburg."

"This refers to deepening financial cooperation within BRICS," the Russian leader said adding that the next equally important issue is further expansion of the association.

The Russian leader drew attention to the fact that the 16th BRICS summit is being held for the first time in an expanded format after five more countries joined the association this year.

"This is a key event of the Russian presidency, which is held under the motto "Strengthening multilateralism for equitable global development and security," the President stated.

He assured that "Russia has approached the organization of joint activities within the association this year with great responsibility."

"We have sought to strengthen the authority of BRICS, enhance its role in world affairs, in solving pressing global and regional problems, and have done everything possible to deepen the multifaceted cooperation of our states in three main areas - politics and security, economics and finance, and cultural and humanitarian contacts," Putin stressed.

The head of state added that Moscow "has done everything to ensure the smooth and most complete integration of new member countries into the work of the association."

The BRICS association was created in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. On January 1, 2024, Egypt, Iran, the UAE, Saudi Arabia, and Ethiopia became full members of the group.