The BRICS group is set to become a major global player over the next two decades, with all other international organizations needing to take its opinions into account, said Ruhail Ranjan, Director of Finance (Treasurer) at the BRICS Chamber of Commerce and Industry (CCI).
"There are two types of alliances in the world today: military alliances, like NATO, and economic alliances, like BRICS. [...] I am confident that in 20 years, BRICS will become a force to be reckoned with by all other players, and we are already progressing toward this goal, step by step," TASS quoted Ruhail Ranjan as saying.
The treasurer added that the organization, in his opinion, "has significant potential for the global economy" and is able to "provide financial support to developing countries."
At the upcoming BRICS Summit in Kazan, the leaders of the organization's member countries plan to discuss "the challenges their countries are facing" at the moment, as well as "providing financial assistance to the alliance members" and "transition to trade in national currencies," Ranjan pointed out.
The 16th BRICS summit, which is the key event of Russia's chairmanship in the association, will be held in Kazan on October 22-24. The BRICS group was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. On January 1, this year, Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Egypt became full members. The Kazan summit will be the first to be attended by new members of the association. Representatives from over 30 countries are expected to attend. Chinese President Xi Jinping, Indian Prime Minister Narendra Modi, Iranian President Masoud Pezeshkian, and UAE President Sheikh Mohamed bin Zayed Al Nahyan are among the foreign leaders who will come to Kazan.
MP/PR