Pretoria – The Brics mechanism was born as a result of the profound changes in global situation and the rising of the developing countries.
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A rapidly growing and well-run BRICS cooperation mechanism will instill positive energy for world peace and economic development. The priority projects to be financed are expected to be reviewed at the 7th BRICS Summit that will take place on Wednesday and Thursday in the Russian city of Ufa. Since then, the BRICS nations have shown vitality and innovation through cooperation, with deepened participation in global governance, Xinhua said.
Brics is a dependable growth engine for world economy.
She underlined that the BRICS Business Council, which was established in 2013 and comprises 25 members drawn from the five countries, has become a platform for promoting closer ties among the economies of BRICS countries and their work on common areas of interest, particularly on large-scale infrastructure programs. All the five Brics countries have been enjoying domestic stability. Sufficient labour, abundant resources and large markets give them great opportunities for development. Delivering 27 percent of the world’s total economic output and contributing more than 50 percent of global economic growth in 10 years, BRICS countries have become an important powerhouse for global economic recovery and sustainable growth. Siluanov’s deputy said the new bank would start considering membership applications after starting operations. But in the long run, the cooperative potentiality in the BRICS is still huge. The BRICS seem to be open to this. The countries also have their answer to the International Monetary Fund and the World Bank in the New Development Bank with 100 billion dollars in stock.
Ufa: Russian Federation is likely to participate in railway projects in India, funding for which could be routed through the newly-set up BRICS’ New Development Bank. As the rotating chair of G77 and the seat of the Brics New Development Bank Africa Regional Center, South Africa plays an outstanding role in strengthening practical cooperation between Brics and the African continent. BRICS countries have formed a multilevel, comprehensive cooperation framework in various fields and borne the fruits of pragmatic cooperation.
Brics is a propeller of common development. BRICS member states have also agreed to establish a $100-billion liquidity reserve to ensure the bank’s financial stability.
Under such circumstances, the BRICS leaders’ meeting in Ufa has critical significance as cooperation among them will benefit not only themselves but also the world economy.
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China highly values its cooperation with South Africa and other members of Brics.
