Dear Editor,
With the leaders of Brazil, Russia, India, China and South Africa coming together for the Sixth BRICS Summit, it is worth touching once again upon the significant role these countries and other emerging markets play in the global economy.
As the modern world is naturally becoming more multi-polar and complex it is clear that a model of international relations with a single decision-making ‘centre of gravity’ is prone to malfunction and is ultimately ineffective. The BRICS format, actively supported by Russia, is helping to enhance the predictability and sustainability of international relations.
There are no plans to create any military-political alliance on the basis of the format, but a certain political element of co-operation is necessary. It is high time BRICS’ role is raised to a new level to make it an integral part of the global system, which is truly geared for achieving sustainable growth. In our view, that can be done, among other things, by co-operating more closely with the UN and its institutions, creating mechanisms for consultations between foreign ministries on conflict resolution (for example, on such topical issues as Syria, Iraq and Ukraine), and co-ordinating our approaches and actions in areas like counter-terrorism and drug control.
An important topic is international information security in terms of agreeing a set of rules for responsible behaviour in the global information space, and a possible joint information policy which could help present a more unbiased picture of the world. Other key subjects that are discussed within the BRICS format are the necessary, but unreasonably delayed, IMF reform, as well as the use by some countries of unilateral sanctions.
Apart from the search for common ground in relation to other global forces and trends, mutual co-operation between our economies remains a key item on our agenda. The development of trade and economic ties between member states is both an intention and a fact. BRICS’ mutual trade is now well over $300 billion and has a strong prospect for further growth, considering almost three billion consumers, unique natural resources, substantial technological, financial and industrial opportunities, as well as the need for new infrastructure. Established and planned instruments, such as the BRICS Economic Co-operation Strategy, the BRICS Business Council, a development bank and a foreign currency reserve pool will help realise this potential.
It is clear that the BRICS is a unique and modem format. Most of its member states do not have a common border and it is transcontinental, but they have strategic interests and challenges in common. By working together and co-ordinating approaches the BRICS countries can better deal with modem challenges and achieve sustainable development.
The signing of the agreement establishing the New Development Bank (NDB) was announced in the forum, with the purpose of mobilizing resources for infrastructure and sustainable development projects in BRICS and other emerging and developing economies. Based on sound banking principles, the NDB will strengthen the cooperation among our countries and will supplement the efforts of multilateral and regional financial institutions for global development, thus contributing to organizing collective commitments for achieving the goal of strong, sustainable and balanced growth. The Bank shall have an initial authorized capital of US$100 billion. The initial subscribed capital shall be US$50 billion, equally shared among founding members.
While bearing in mind that fossil fuel remains one of the major sources of energy, the belief that renewable and clean energy, research and development of new technologies and energy efficiency, can constitute an important driver to promote sustainable development, create new economic growth, reduce energy costs and increase the efficiency in the use of natural resources was welcomed. Considering the dynamic link between renewable and clean energy and sustainable development, five countries reaffirmed the importance of continuing international efforts aimed at promoting the deployment of renewable and clean energy and energy efficiency technologies, taking into account national policies, priorities and resources. BRICS stands for strengthening international cooperation to promote renewable and clean energy and to universalize energy access, which is of great importance to improving the standard of living of all the people.
At the same time Russia proposed establishment of the BRICS Energy Association, creation of a Fuel Reserve Bank and a BRICS Energy Policy Institute that would allow five countries to strengthen national energy security and prepare BRICS to trade energy resources.
The increasing cases of unilateral sanctions were discussed at the summit. Recently Russia has been exposed to a sanction attack from the United States and its allies. Russia is grateful to its BRICS partners who have criticised such practices in different forms. At the same time, substantive conclusions should be drawn from the current situation. Together BRICS countries will maintain a system of measures that will help to prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies, but would promote a civilised dialogue on all points at issue based on mutual respect.
Russia will host the Seventh BRICS Summit in 2015 in the city of Ufa.
Yours faithfully,
Petr Sizov
Press Attaché
Russian Embassy in Guyana
