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Economics

Eastern Economic Forum discusses the role of the EAEU and BRICS in Shaping a New Multipolar World

Participants of the session considered mechanisms for deepening relations between the EAEU and BRICS

On Tuesday, 12 September, on the margins of the Eastern Economic Forum, a session entitled "EAEU and BRICS: Role in Shaping a New Multipolar World" was held. The participants discussed how combining the potentials of the two organisations can contribute to the development of an independent infrastructure of the currency and financial market.

Ksenia Komissarova, editor-in-chief of TV BRICS, moderated the session.

"The Eurasian Economic Union is the largest association in the world - and not only in terms of territory, but also in terms of the growth rate of industrial and agricultural output. As for BRICS, it also has something to be proud of - at least the share of the five countries in the global GDP. Even before the decision to expand, it was 26 per cent, and in purchasing power parity terms it was 31.5 per cent, compared to 30 per cent for the G7"

Ksenia Komissarova Editor-in-chief of TV BRICS


The editor-in-chief of the media network added that the EAEU and BRICS have prospects for strengthening cooperation in both the Eurasian and global dimensions. Mutual trade between the countries of these two associations grew by more than 40 per cent last year alone.

Mikhail Myasnikovich, chairman of the board of the Eurasian Economic Commission, cited indicators of mutual trade volumes between BRICS and EAEU.

"According to the results of the first half of this year, trade turnover totalled 150 billion US dollars. Exports of the EAEU states grew by 15 per cent against the level of last year, so we need modern and reliable settlement systems," he said.

Alexey Overchuk, Deputy Prime Minister of the Russian Federation, in his turn, spoke about the role of the BRICS association, which is turning into an organisation with a global reach. He stressed that at the summit of the "five" in Johannesburg, the heads of state proposed to strengthen the economic dimension, create a special fund aimed at boosting trade and financial cooperation, promoting WTO reforms, cooperation in the space field.

"BRICS is turning into a platform embodying global multipolarity and aimed at solving those problems caused by today's global trends. BRICS takes into account the interests of developing countries," said Overchuk.

Sammy Kotwani, President of the Indian Business Alliance (IBA), noted that the states of the two organisations (EAEU and BRICS) play a significant role in international affairs.

"The countries of these unions (EAEU and BRICS) are gaining more and more political weight, we are moving towards forming the architecture of a new multipolar world. These blocs provide assistance to developing countries. BRICS and EAEU have become an economic and geopolitical power. One should not underestimate the prospects and potential of these associations, which are forming a new multipolar world based on the principles of equality, inclusiveness and mutual respect"

Sammy Kotwani President of the Indian Business Alliance

In his turn, He Zhenwei, Chairman of the China Overseas Development Association, said: "China and many other countries have long been talking about a multipolar world, so cooperation and integration of these two organisations is necessary, it ensures greater security and equality in the global community. Now there are five countries in BRICS, in the near future there will be 11, in total more than 20 countries, including developing countries, have applied for membership. The cooperation between the EAEU and BRICS is very useful for developing countries in terms of strengthening their economies".

He also expressed his views on how this integration between the two organisations should be implemented.

"The unity of currency makes it possible in economic terms to simplify mutual settlements. In total, there will be more than 15 countries in these associations. If we can use a single currency, it will simplify any financial transactions between the states. Another recommendation is to stimulate investment activity, first of all, we are talking about sectoral investments in agriculture, industry, services," said He Zhenwei.

Dmitry Volvach, Deputy Minister of Economic Development of Russia, said how the accession of the Republic of Belarus and the Republic of Kazakhstan to BRICS could affect economic relations within the EAEU.

"BRICS expansion is an expected, natural process. It is the path to a just world order. Not only those countries, the decision on which has already been made, but also our closest EAEU partners - Belarus and Kazakhstan - want to join this path. We will support these initiatives in every possible way, especially since the volume of trade turnover of the Russian Federation with the countries of the "five" at the end of last year amounted to 15.5 trillion rubles and increased by more than 40 per cent, as well as the volume of trade turnover with the EAEU countries - more than 18 trillion rubles, which represents an increase of 41 per cent," said Volvach.

"These regional economic associations are attracted to each other, and here the integration and institutional aspects are very important. The more EAEU member states participate in BRICS, the better and more effectively we will use our integration interregional opportunities to steadily increase mutual investments, create new and develop existing integration projects," said the deputy minister.

EEF-2023 takes place from 10 to 13 September in Vladivostok.

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