Russian President Vladimir Putin: BRICS and SCO develop in spirit of 21st-century diplomacy

New institutions: the expanding BRICS community, the Shanghai Cooperation Organisation (SCO) and other regional associations are developing in the spirit of 21st-century diplomacy. Its essence lies in the ability to conduct dialogue and reach agreements – with neighbours, with like-minded partners, and with opponents. This was stated by President of Russia Vladimir Putin at the plenary session of the 22nd annual meeting of the Valdai International Discussion Club.

"All these new structures (BRICS, the SCO, Eurasian organisations and others – Ed.) are different, but they share an essential quality: they do not operate on the principle of hierarchy or ubordination to a single dominant power. They are not against anyone; they are for themselves"

Vladimir Putin President of Russia

Speaking about the economy, the President of Russia noted that BRICS member states are planning to create a new investment platform which, according to the leader, will be able to operate with minimal risks and virtually no inflation.

“We want to do this primarily in the rapidly growing markets of Africa and South Asia. [...] Today, BRICS represents 40 per cent of the world’s GDP. [...] We want to integrate into this trend of development and, together with everyone, including the key BRICS countries, work in these markets and in Africa, which has a very promising future,” the President stressed.

The Russian leader separately thanked the countries striving to contribute to the establishment of a just peace, naming among them the BRICS founders – China, India, Brazil, South Africa – as well as Belarus, Egypt, Iran, the UAE, Saudi Arabia, Qatar, and other states of Africa and Latin America.

Putin also outlined the main strategic focus in relations with India – to bring trade and economic ties to a level commensurate with the potential of the two countries.

He noted that the current trade turnover with the Republic amounts to about US$63 billion, which does not correspond to the potential capabilities of the two states. According to him, to resolve this issue, it is necessary to establish logistics and build new financial settlement mechanisms.

He also said that he looks forward to meeting his “friend and reliable partner” – Prime Minister of India Narendra Modi – in December.

Photo: kremlin.ru