MOSCOW, July 8 – RIA Novosti / Prime. Economic and financial agenda of the two-day summit of the BRICS, which opens on Wednesday in Ufa, will bypass the pressing global problems – the debt crisis in Greece, the expected lifting of sanctions with Iran and volatility on oil and stock markets.
Russia second time in the last seven years, is the chairman of the club of emerging economies.
“The talks will be issues of the international economic recovery situation … Much depends on the joint actions of the BRICS to expand mutual trade and investment relations, promotion of joint agenda in the framework of G20. There remains the reform of IMF governance, enhancing the role of the Fund in emerging economies, “- said on the eve of the summit, Russian presidential aide Yury Ushakov.
Bank and currency
The participants of the discussions and bilateral meetings will exchange views on deepening the industrial, technological and financial integration of the BRICS countries.
will discuss the launch of the New Development Bank and a pool of foreign exchange reserves of the BRICS with total financial resources of 200 billion dollars.
Before the summit in Ufa intense financial and economic program was the ministers of economy, finance and heads of central banks of the BRICS countries, who met in Moscow on Tuesday .
The result of last year’s summit, five in Brazil was the initiative of creating a BRICS Development Bank, later renamed the New Development Bank, and conventional pool of foreign exchange reserves.
After a year, according to Finance Minister Anton Siluanova bank almost ready for use. It can finance the first projects this year. In particular, Russia is ready to offer to the bank projects eligible for NWF, including projects of “Rosneft”.
For his part, Minister of Economic Development of Russia Alexei Ulyukayev said that the work of the bank will be launched at the end of the current – early next year.
With regard to the conditional pool of foreign exchange reserves, the BRICS countries on Tuesday signed an operating agreement on the conditions of support under this mechanism. However, according to the head of the Central Bank of the Russian Federation Elvira Nabiullina, the real appeal of the BRICS countries for help pool is not expected.
Greece and Iran
The main theme of the meeting of leaders of the BRICS countries – the role of the organization as a one of the factors of global development – is unlikely to push into the shade other international economic issues.
The summit will take place against the backdrop of the debt crisis in Greece, the collapse of the Chinese stock market, as well as talks on the Iranian nuclear program and the expected removal of Western sanctions with Tehran. All of these factors, especially the latter, have provoked a new drop in oil prices.
According to Ushakov, Moscow “hear” the signals of the desire of Greece to join BRICS bank, but at the official level, this topic was not discussed. In turn, Nabiullina said that the head of the Central Bank of the BRICS countries are concerned about the situation in Greece, although at a meeting in Moscow on this issue was not discussed in detail.
In addition to the members of the BRICS, the capital of Bashkortostan come and leaders of several other countries – including Iran, Belarus, Afghanistan, Pakistan.
Against the background of ongoing negotiations in Vienna on the Iranian nuclear program, one of the most anticipated meeting in Ufa will talk TEM-à-tête between President Vladimir Putin and Iranian President Hassan Rouhani.
After reaching the final agreement on the nuclear issue with Iran can be withdrawn Western sanctions. Return of an Islamic state in the world oil market, and so over-saturated, can enhance the volatility of prices for “black gold”. However, analysts are not afraid of new heavy landslides. The market has in fact played the expected return of Iran over the past few days, oil has fallen in price by more than 10%.
In Russia there is an interest in resolving the Iranian problem – it will enable the direct bilateral trade and investment.
BRICS group: history and purpose of creation
In 2006, the Russian Federation took the initiative to create a BRIC – the new global forum uniting Brazil, Russia, India and China. In connection with joining the BRIC South Africa in December 2010, the group began to carry the name of the BRICS (BRICS). Read more in Help RIA Novosti & gt; & gt;
BRICS countries: facts and figures
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