Russia’s Foreign Minister Sergey Lavrov released to the media of the BRICS countries his article, BRICS Strategic Partnership for Global Stability, Shared Security and Innovative Growth, Foreign Ministry’s website reports.
As Lavrov pointed out, BRICS accounts for almost a third of the global GDP at purchasing power parity and last year outperformed G7 on this indicator.
“BRICS is becoming a magnet for many emerging economies. They are looking at us because the group protects values of multilateralism, supports a transparent, non-discriminatory, open, free and inclusive international trade, and rejects unilateral economic restrictions and protectionist measures in developing international economic ties. In their statement following the meeting on the margins of the G20 Summit in Osaka last June, the BRICS leaders explicitly indicated their willingness to protect the pillars of the equitable multilateral trading system and the role of the WTO as its center, and to advocate the IMF reform,” the Minister noted. “The New Development Bank created by the BRICS countries – one of the promising multilateral development institutions – works successfully. Only this year, the NDB Board of Directors has approved 12 new investment projects in the BRICS countries. And since the start of its operation in 2015, 42 investment projects worth over $11 bln have been approved. The work to strengthen the BRICS Contingent Reserve Arrangement is ongoing. Its total capital of $100 bln is to be a guarantor of the BRICS financial stability in case of crisis.”