Russia to focus efforts on expanding cooperation within BRICS - Putin

BRICS leaders held an informal meeting ahead of the G20 summit in Brisbane. Source: Alexey_Druzhinin_Tass

BRICS leaders held an informal meeting ahead of the G20 summit in Brisbane. Source: Alexey_Druzhinin_Tass

Before the G20 summit, Vladimir Putin also formally invited the BRICS leaders to the next annual summit in Ufa, the capital of the Russian republic of Bashkortostan, on July 8-9.

At an informal meeting before the G20 summit in Brisbane, Australia, Russian President Vladimir Putin told the leaders of Brazil, India, China and South Africa that Russia was looking at expanding cooperation within the BRICS.

Putin also formally invited the BRICS leaders to the grouping’s next annual summit in Ufa, the capital of the Russian republic of Bashkortostan, on July 8-9.

“As of April next year Russia will take over the rotating presidency of the BRICS group. Our efforts will be focused on the further expansion of cooperation within our association. Russia is drafting an economic partnership strategy and an investment cooperation road map,” Putin said at a meeting of the BRICS leaders.

“I would like to invite you all to the Russian city of Ufa on July 8-9 for joint work. We shall be getting ready for this event together,” Putin said.

Taking part in the meeting were Vladimir Putin, Brazil’s president Dilma Rouseff, China’s President Xi Jinping, India’s Prime Minister Narendra Modi, and South Africa’s President Jacob Zuma.

Black money

Modi told his counterparts that the BRICS grouping should work on clamping down on black money and tax evasion.  “Repatriation of unaccounted money kept abroad is a key priority for us,” he said at the meeting. The Indian Prime Minister also said the grouping should set 2016 as the target for the inauguration of the BRICS Bank.

“We can promote new models of governance and financing, while maintaining the highest banking standards,” Modi said. “We should also make it more participatory and urged towards its early implementation. We propose that we should set the target of 2016 for inauguration of this bank.”

Modi added that he hoped that agreement would be ratified by the end of the year. “We would soon nominate our candidate for the post of the presidency. The Contingent Reserve Arrangement is also a very timely initiative.”

At the G20 summit that concluded on Sunday, November 16, none of the BRICS leaders held formal one on one talks with each other. Putin will visit India for the 15th annual Indo-Russian bilateral summit in December, where several new economic initiatives are set to be announced.

Information from a TASS report was used in this article

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