Leaders of BRICS countries to hold negotiations before G20 summit

The leaders of the BRICS countries will meet before the G20 summit in Brisbane, Australia, Russian presidential aide Yury Ushakov said.

The leaders of the BRICS countries will meet before the G20 summit in Brisbane, Australia, Russian presidential aide Yury Ushakov said.

 

"The main task is to reach agreements on the main issues on the agenda of the G20 summit. Specifically, the meeting will address the implementation of the decision to launch the new BRICS Development Bank and the pool of contingent currency reserves with a total capital of $200 billion, which was mentioned in the previous summit," Ushakov told a briefing on Friday.

 

Ushakov said special attention will be given at the BRICS meeting to issues relating to the reform of international financial institutions, specifically, redistribution of IMF quotas.

 

"The BRICS countries favor prompt implementation of the 2010 agreements as the most just and meeting the modern economic reality," he said.

 

Ushakov said the meeting will also address international issues, specifically, the intensification of the interaction between the BRICS countries in the settlement of regional conflicts, issues relating to the non-proliferation of weapons of mass destruction, counterterrorism, drug threat, and international information security.

 

Ushakov reiterated that Russia plans to give attention to trade expansion and increasing technological and industrial cooperation.

 

The BRICS countries create almost 30% of the world's GDP ($15.4 trillion) and make up the world's largest market because some 3 billion people (40% of the planet's population) live in these countries.

 

Ushakov said the gold and currency reserves of the BRICS countries are approaching $5 trillion and the amount of mutual trade within BRICS had almost doubled in the past five years, from $170 billion to $300 billion.

 

Ushakov reiterated that the upcoming BRICS meeting is especially important to Russia because Russia is the next chair of the organization.

 

"The next BRICS summit will be held in Ufa on July 8-9, 2015, simultaneously with the SCO summit," he said.

Read more: BRICS to propose IMF reform at G20 summit - sherpa>>>

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