Putin: BRICS Chair Country Russia to promote Contingent Reserve Arrangement

Russia will promote the BRICS New Development Bank and the Contingent Reserve Arrangement, said President Vladimir Putin.

Russia will promote the BRICS New Development Bank and the Contingent Reserve Arrangement, said President Vladimir Putin.

"Russia is now taking the relay in presiding over the BRICS group, which unites five of the world's largest and most influential countries that are home to nearly half of our planet's population and produce around 30 percent of global GDP. The BRICS group is still young as an organization, but has already proven its effectiveness," Putin said on the occasion of the beginning Russian presidency in the group.

"Brazil, Russia, India, China, and South Africa are coordinating their policies on key international issues ever more closely, and are playing an active part in shaping a multipolar world order and developing modern models for the world's financial and trading systems," says the address posted on the official website of Russia's presidency in BRICS.

"Russia will also give priority attention to financial and economic cooperation within the BRICS group. In particular, we support the adoption of the BRICS countries' Strategic Economic Partnership and will facilitate the launch of the New Development Bank and the Contingent Reserve Arrangement," the president said.

"The upcoming BRICS Summit in Ufa on July 8-9 coincides with two very symbolic anniversary dates: the 70th anniversary of Victory in the Great Patriotic War and 70 years since the end of World War II," he said.

"Aware of the past's tragic lessons, the BRICS countries consistently support peaceful settlement of international conflicts and condemn any attempts to use force and pressure or intervene in sovereign countries' internal affairs. Russia's Presidency will focus on putting the BRICS group's possibilities for strengthening global security and stability to most effective use," the president noted.

"We will continue developing humanitarian contacts in education, culture, science and healthcare. During Russia's Presidency, the BRICS Youth Summit and the Global University Summit will take place and we will establish the BRICS Network University. We will examine opportunities for developing inter-parliamentary dialogue, through which lawmakers could take direct part in resolving the tasks before the BRICS group," Putin said.

"Overall, Russia's Presidency is committed to taking the BRICS partnership to a new, higher level. I am sure that this is in the interests not only of people in the BRICS countries but all around the world," the chief of state underlined.

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