Deepening strategic partnership promised at BRICS summit
With the BRICS summit, Vladimir Putin not only proved that he is not isolated but also came up with concrete plans for a joint investment platform and a grain exchange. Chinese President Xi Jinping also praised the role of the organization in building a multipolar world order. On Ukraine, they agreed on the need to prevent the conflict from spreading.
Deepening strategic partnership promised at BRICS summit
Geurasia

Deepening strategic partnership promised at BRICS summit

Photo: Hamad AL-KAABI / UAE PRESIDENTIAL COURT / AFP
Eurasia/MTI 23/10/2024 20:00

With the BRICS summit, Vladimir Putin not only proved that he is not isolated but also came up with concrete plans for a joint investment platform and a grain exchange. Chinese President Xi Jinping also praised the role of the organization in building a multipolar world order. On Ukraine, they agreed on the need to prevent the conflict from spreading.

On the second day of the BRICS summit in Kazan, Russian President Vladimir Putin proposed the creation of a joint investment platform and a grain exchange, MTI reported.

Speaking on behalf of the Russian presidency of the BRICS in his capacity as host, Putin said the investment platform is needed to maximize the potential of the BRICS economies and to reap the benefits of global economic growth. "In this context, we propose the creation of a new BRICS Investment Platform, which would be an effective tool to support our economies and provide financial resources to the countries of the Global South and East," he said.

Putin also said the BRICS commodity exchange he proposed to create could eventually become a full-fledged commodity exchange. The Russian president said that a grain exchange would facilitate fair and predictable price indices for commodities and raw materials, and would allow national markets to be protected from negative external interference, speculation, and attempts to create artificial shortages of products.

Putin also stressed that the BRICS countries stand for equality, good neighborliness, and mutual respect, are responsible for the fate of world civilization, and have a positive impact on creating a stable and secure global climate.

- We have sought to strengthen the authority of the BRICS, to increase its role in world affairs, in solving urgent global and regional problems, and to contribute in every possible way to deepening multilateral cooperation between our states in three main areas: politics and security, economy and finance, and cultural and humanitarian relations," the Russian President said in his speech at the BRICS Summit, as reported by RIA Novosti.
Alexei Danichev / Photohost Agency / ANADOLU / Anadolu via AFP
Among other things, Chinese President Xi Jinping spoke about the need to prevent the conflict in Ukraine from spreading and escalating.

- In the context of the protracted crisis in Ukraine, China, Brazil and countries of the Global South have formed a group of Friends of Peace, he said. He added that this aims to unite the leading voices for peace.

Earlier, Minister of Foreign Affairs and Trade Péter Szijjártó said that the Friends of Peace group was launched at the initiative of Hungary. The group is organized between China and Brazil but also includes Kazakhstan, Egypt, Saudi Arabia, Turkey, Mexico, Kenya, and Zambia. Three European countries, France and Switzerland, in addition to Hungary, have been invited to the meeting.

In a meeting with Russian President Vladimir Putin ahead of the leaders' official meetings, Xi also noted that BRICS is the world's most important platform for solidarity and cooperation between emerging markets and developing countries. According to a report by China's Xinhua news agency, he stressed the role of BRICS in building a multipolar world, promoting globalization, and called on BRICS members to act as guardians of common security for peace.

MTI reports that in the final declaration adopted at the summit, participants pledged to expand cooperation and strategic partnership, and praised the use of national currencies among the members of the bloc and their trading partners. Putin said the declaration would be submitted to the UN as a joint document.

The statement noted that there are national positions on the situation in Ukraine. BRICS leaders mentioned proposals for mediation and good offices to ensure a peaceful resolution of the conflict through dialogue and diplomacy.

The document also talks about cooperation for global and regional security, the development of financial and economic ties between BRICS countries, and the expansion of humanitarian exchanges, among other things. Among other issues, the members of the alliance discussed the negative impact of illegal sanctions on the global economy and the spread of violence and armed conflict.
Alexey Nikolskiy / Photohost Agenc / ANADOLU / Anadolu via AFP
Yuri Usakov, the Russian President's foreign policy adviser, said that the BRICS had agreed on criteria for the new members of the group. They also agreed on an enlargement list of 13 countries. The names of these countries have not yet been made public, as they want to discuss their willingness to become full members or to choose another form of cooperation.

Putin, who held talks on Wednesday with his counterparts from Iran, Venezuela, and Turkey, among others, said more than 30 countries from the global South and East had expressed their willingness to strengthen their ties with the grouping.

Russian Foreign Ministry spokeswoman Maria Zakharova told Sputnik radio in response to criticism from Kyiv over UN Secretary-General António Guterres' participation in the BRICS summit, which included the official's absence from the Ukraine settlement conference: the Ukrainian leadership has no right to ban anyone from gathering, nor the world body's apparatus from accepting the invitation to Kazan.

Half the world in Russia
On 22 October, "one of the largest international meetings Russia has ever held" will begin in Kazan. Originally comprising Brazil, Russia, India, China, and South Africa (BRICS), the three-day summit will bring together leaders from the BRICS countries, plus new members Ethiopia, Egypt, Iran the United Arab Emirates, and other guests. In total, more than thirty states will host around 20,000 delegates in Russia's fifth-largest city. The BRICS account for roughly 46 percent of the world's population and 36 percent of its total GDP.
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