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The outcomes of BRICS summit in Brasilia

SHARE   |   Tuesday, 19 November 2019   |   By Ricardo Kanono
The outcomes of BRICS summit in Brasilia

Over the past 10 years, BRICS has achieved serious results and has gained a reputation as a respected association possible to cooperate effectively in politics, security, trade, finance and culture. Together BRICS speak in favour of strict compliance with the norms of international law and the central role of the United Nations in international affairs. Being one of the pillars of the emerging fairer polycentric world order, BRICS plays an important stabilizing role in global affairs. The group accounts for almost a third of the global GDP at purchasing power parity. Last year BRICS even outperformed G7 on this indicator.

On November 13–14, 2019, Brasilia hosted the 11th BRICS Summit. The new areas of BRICS cooperation spearheaded by Brazil were strengthening of cooperation on science, technology and innovation; enhancement of cooperation on digital economy; invigoration of cooperation on the fight against transnational crime, especially against organized crime, money laundering and drug trafficking; and encouragement to the rapprochement between the New Development Bank (NDB) and the BRICS Business Council. And its BRICS Chairmanship managed to achieve serious progress in all main pillars of cooperation.

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Russia supports its Brazilian friends in their efforts to improve the practical impact of our multifaceted interaction on the prosperity of our States and peoples and takes a positive note of the systematically increased density of humanitarian exchanges – cooperation in the areas of culture, education, sport and youth policy is gaining momentum and people-to-people contacts are developing.

The New Development Bank (NDB) created by the BRICS countries has worked successfully. Only this year, the NDB Board of Directors has approved 12 new investment projects in the BRICS countries. Since the start of its operation in 2015, 44 investment projects worth over USD 12 billion have been approved by the NDB Board of Directors. The work to strengthen the BRICS Contingent Reserve Arrangement (CRA) has been ongoing. Its total capital of USD 100 billion is to be a guarantor of the BRICS financial stability in case of crisis.

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In 2020, Russia will chair BRICS and intends to ensure continuity and harmonious transition from the Brazil Chairmanship to the Russian one. Russia’s motto for its BRICS presidency will be BRICS Partnership for Global Stability, Common Security and Innovative Growth.

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Meeting of heads of state and government of BRICS member countries

During its presidency, Russia will certainly pay special attention to expanding foreign policy coordination between our states on key international platforms and showing more initiative in taking the lead at the UN and persistently promote a positive international agenda and solve global and regional problems. Regarding economic cooperation between the BRICS member countries, during Russia’s chairmanship, it is planned to suggest updating the Strategy for 2015 BRICS Partnership in Trade and Investment for the next five-year period and continue to promote cooperation in the energy sector, including efforts to push forward Russia’s earlier initiative to create a BRICS energy research platform.

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Russia will work to enhance existing BRICS organisations and financial mechanisms, continue to work to create a BRICS bond fund in our national currencies and come up with new initiatives to expand cooperation between the fiscal, customs and antimonopoly authorities of the BRICS states.

Russia will promote the activities of the BRICS Network University, expand contacts between academic and scientific centres, research institutions and universities in the five member countries. As for science and healthcare, we are committed to implementing the Clean Rivers of BRICS programme.

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The Embassy of the Russian Federation in the Republic of Botswana



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