17 November 2014, Monday, 11:26
UFA, 17 November 2014. /Bashinform News Agency, Bashinform News Agency/. Before the start of the G20 Summit in Australia a meeting of the Heads of States and Governments of the countries — participants of the BRICS was held, which was attended by the Russian President Vladimir Putin, the President of Brazil Dilma Rousseff, the President of the People’s Republic of China Xi Jinping, Prime Minister of India Narendra Modi, and the President of the South African Republic Jacob Zuma.
“Dear friends, colleagues!” Vladimir Putin addressed to the attendees. “I would like to say that I consider our meetings within the G20 framework as very useful and important because they give us a chance to compare notes regarding the enormous flow of information and our positions on world trade, the global financial situation, our common actions to improve the situation in the global economy, giving consideration to the interests of the actively developing economies as well.
I would like to note in this connection that we are successfully implementing the decisions to create dedicated financial institutions within BRICS. Madam President [of Brazil Dilma Rouseff] referred to it earlier. We are finalising the creation of the Development Bank and the Contingent Reserve Arrangement, which were founded at the summit in Fortaleza. They have a significant total capital of $200 billion. This will provide us with common mechanisms capable of stabilising national capital markets in case of crisis situations in the global economy. Meanwhile, new joint lending opportunities will make it possible to expand our trade and economic ties.
It is important that ties between our five states are expanding in other areas as well. Thus, our cooperation in industry and technology is becoming more efficient. New joint projects have evolved in such areas as energy, mineral resources production and processing, agro-industry and high technology. We also share a common stand on information security and exchange experience in resolving pressing social issues and in developing agriculture, education and science.
Friends and colleagues, in April 2015 Russia will take over the Presidency in BRICS. Our efforts will be directed at a further expansion of cooperation within our association. Russia is drafting a strategy for our economic partnership and an investment cooperation roadmap. I would like to invite you all to the Russian city of Ufa for another joint work on July 8-9, 2015. We will prepare for the event together.”