INVESTMENT CLIMATE

Shaping post-pandemic world

“The coronavirus swept across the globe in a matter of months. It has tested the global political and economic frameworks and international institutions. Nation states also face unprecedented challenges. The “corona crisis” has demonstrated that countries are interconnected, that the challenges transcend borders. This has shown that these challenges are interconnected,” Russia’s Deputy Foreign Minister Sergey Ryabkov said in a video message to the BRICS Business Forum.

The world economy has entered a recession. Global GDP is shrinking, and so are international trade, investment and demand for key exports. The global value chains are being disrupted, while financial markets are in constant state of turbulence. And there are many other problems,” he noted. “The crises in the economy and trade could make the world more prone to conflict and seriously undermine international cooperation, further exacerbating the deficit of trust. The gap between the rich and the poor is once again growing. The common goal is to prevent the most negative scenarios from materializing.”

It is time to start thinking about shaping the contours of the post-pandemic world. The only way to make the global architecture resilient is by relying on the UN Charter, and the key principles that are well known: the sovereign equality of states, non-interference in their domestic affairs, peaceful conflict resolution and respect for international law. Overcoming the economic fallout from the crisis is a priority which requires restoring global economy, driving growth and expanding trade, as well as repairing industrial chains, not forgetting about climate change, sustainable development and the 2030 Agenda for Sustainable Development. The BRICS countries will have to look past this horizon to proactively contribute to shaping the long-term global agenda,” Sergey Ryabkov stressed. “The business community has a special responsibility in this regard. Businesses are uniquely equipped to swiftly adapt to a new reality, and create much needed jobs during major crises like the current one. This is a huge asset. The BRICS governments will continue to support businesses in every possible way. In this context, the BRICS Business Forum and Business Council are essential for devising effective solutions to support micro, small and medium-sized enterprises.”

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