BRICS nations convene for extraordinary virtual summit

At the initiative of Brazilian President Luiz Inacio Lula da Silva, an extraordinary virtual summit of the BRICS countries was held. It was attended by the leaders of the association's member states: Russian President Vladimir Putin, Chinese President Xi Jinping, South African President Cyril Ramaphosa, Egyptian President Abdel Fattah El-Sisi, Iranian President Masoud Pezeshkian, Indonesian President Prabowo Subianto, and Crown Prince of Abu Dhabi Khaled bin Mohamed bin Zayed Al Nahyan. India was represented by Foreign Minister Subrahmanyam Jaishankar, and Ethiopia by Deputy Foreign Minister Mesganu Arega.

The meeting participants focused on issues in the trade, economic, financial, investment and other spheres.

Emphasising the growing role of the association, the Brazilian president noted that BRICS is becoming a key player in protecting multilateral cooperation. His words are quoted on the official website of the government.

"The BRICS Bank is making an increasing contribution to the diversification of our economic foundations. [...] We have the necessary legitimacy to lead the restructuring of the multilateral trading system on a modern, flexible basis that meets our development needs"

Luiz Inacio Lula da Silva President of Brazil

The President of Iran also spoke about the need to reform the global financial system. According to him, "BRICS should lead a comprehensive reform of international financial institutions, including the International Monetary Fund and the World Bank, so that they reflect global economic realities." He proposed that BRICS countries create independent payment systems.

Speaking about practical mechanisms for cooperation, the President of Egypt proposed focusing on joint projects in promising industries.

"it is imperative to harness the comparative advantages of our countries to launch joint projects in vital sectors. These include, primarily, new and renewable energy, infrastructure, transformative industries, agriculture, scientific research, technology, innovation, and Artificial Intelligence, all while boosting collaboration between the private sectors of our countries," Abdel Fattah El-Sisi said, according to Sada El-Balad, a partner of TV BRICS.

The President of South Africa emphasised the importance of diversifying economic ties.

"Our focus is on strengthening and collaboratively diversifying our trade and investment partnerships with Africa, Asia, the Gulf. [...] As BRICS, we need to reflect on our role in shaping global growth, [...]. We should use our growing voice to advance a global order that improves the lives of all the world’s people and safeguards the planet for future generations," he stressed.

Summing up the meeting, the President of the People's Republic of China highlighted the key principles for further cooperation. Xi Jinping's words are quoted by Xinhua News Agency, a partner of TV BRICS.

"First, we should uphold multilateralism to defend international fairness and justice. [...] Second, we should uphold openness and win-win cooperation to safeguard the international economic and trade order. [...] Third, we should uphold solidarity and cooperation to foster synergy for common development"

Xi Jinping President of China

According to him, BRICS countries should "deepen practical cooperation, and make our business, financial, scientific, and technological cooperation more productive."

Photo: TimArbaev / iStock