In summarizing the results of the Russian presidency in the Group, formed also by Brazil, India, China and South Africa, Ryabkov said that this mechanism of five emerging economies demonstrated feasibility and necessity of unity and positions well settled down in the system of international relations.
Each cycle of rotating presidency enriches the BRICS and the Russian management showed results of hard work, said the official representative of Moscow in the Foreign Ministry.
Among the most notable developments of the quintet in the recent year stood out the arrangements for the institutionalization of the Development Bank and the creation of a fund of foreign exchange reserves.
Both issues were implemented in the presidential summit in Ufa, central Russia, in July 2015, and were reflected in the joint statement.
In this regard, Ryabkov praised the importance of the reserve fund, which will allow, among other things, financial support to member countries in the solution of macroeconomic tasks.
On perspective, both the Development Bank as the pool of foreign exchange (anti-crisis financial pillow) will be operating for financing large-scale joint projects, including involving third parties, as they advanced in the Forum.
The diplomat stressed in particular the positive effect of trade started by some members of the BRICS (as Russia and China, for example in national currencies.
He felt that such a mechanism protects those States from manipulations of other countries, including the United States.
sc/lam/oda
PL-44/MNA
Your Comment