Sergey Katyrin: One of the key objectives of the BRICS is to promote sustainable economic growth

Sergey Katyrin, president of the Chamber of Commerce and Industry of the Russian Federation, addressed the participants of the BRICS Business Forum 2022 during the panel discussion on "Endorsing the concept of openness and promoting global economic recovery".

"The tradition of holding the BRICS Business Forum was established by our Chinese counterparts in 2011. The Business Forum is now firmly embedded in the BRICS business agenda. It is always distinguished by the relevance of its agenda, which allows not only for different perspectives on strengthening trade, investment and production ties between the five countries, but also for speaking out on the development of the global economy. One of the key issues today is how we can work together within BRICS and the entire developing world and promote open, inclusive, mutually beneficial trade and economic cooperation, taking into account new challenges and risks," Katyrin said.

He added that Russia will respond to the new challenges by maintaining and even strengthening its policy of opening up the economy, improving conditions for trade and investment, and improving mechanisms for working together with member states.

"For Russian foreign trade, the BRICS countries are one of the most important and high-priority areas of cooperation. The BRICS partners' share of the country's foreign trade reached 21% in 2021, up from 7% in 2001. Our mutual trade is developing very dynamically in the first months of this year. We see significant prospects for cooperation within the BRICS framework in the financial and insurance sectors," stressed the president of the Russian Chamber of Commerce and Industry.

As Katyrin noted, one of the key objectives of the BRICS is to promote sustainable economic growth on a regional and global scale. The BRICS format makes it possible to use the experience of promoting large-scale initiatives to organise work on the formation of a universal platform for developing cooperation across the developing world under the auspices of the BRICS countries and trade and economic blocs.

To support the global economy, the BRICS countries should continue their efforts to reform the international financial system and the World Trade Organisation, increasing their influence in them and promoting a constructive, mutually beneficial cooperation agenda, the expert said.

Katyrin also stressed that there is a need to revisit the issue of establishing a BRICS rating agency, which has been raised before, and also to think about the establishment of a BRICS reinsurance organisation. These measures are particularly important for the sustainability of international trade and supply chains.

He expressed confidence that the BRICS countries can mobilise their own capacities to achieve socio-economic development goals and convert these capacities to support development goals on a global scale.