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Russia to promote global stability and innovative growth – President

Credit: kremlin.ru

Vladimir Putin took part in a meeting of heads of state and government of BRICS member countries, presidential web page reports.

Speaking at the meeting, the President pointed out, that “The BRICS member states consistently deepen mutually beneficial economic ties, strengthen trade and investment flow and together address such important tasks as industrial upgrading, the introduction of innovation technologies, and improvement in our people’s welfare.”

“Starting on January 1, 2020, Russia will chair BRICS,” he said. “Russia’s motto for its BRICS presidency will be BRICS Partnership for Global Stability, Common Security and Innovative Growth. We plan to hold around 150 events at different levels. Regarding economic cooperation between the BRICS member countries, we plan to suggest that the group of five economies work together to update the Strategy for BRICS Partnership in Trade and Investment that was approved at the 2015 BRICS Summit in Russia. Indeed, the implementation of this strategy has had a positive impact on economic cooperation between the BRICS member countries in many areas, however, it is time to review and update this document and set new objectives for developing cooperation between various sectors in the BRICS economies for the next five-year period, that is, through 2025.”

As he also noted, “Russia will work to enhance existing BRICS organizations and financial mechanisms – the new Development Bank, as well as the BRICS Pool of Conventional Currency Reserves and its macroeconomic information exchange system. We will continue to work to create a BRICS bond fund in our national currencies. We also plan to come up with new initiatives to expand cooperation between the fiscal, customs and antimonopoly authorities of the BRICS member states.”

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