Reforming Global Financial System Remains Priority for BRICS

BRICS countries are brought closer together by their consistent joint efforts in favour of reforming the international monetary and financial system, according to Ufa Trade Union Declaration.

UFA (Sputnik) — Reforming global financial system and making it more adequate to the real weight of emerging economies remains one of the key objectives of BRICS group, Ufa Trade Union Declaration adopted at BRICS/SCO summit on Thursday reads.

The BRICS summit is taking place in Russia's Ufa on July 8-10.

"BRICS countries are brought closer together by their consistent joint efforts in favour of reforming the international monetary and financial system… This can be a real and common driver of future growth," Ufa Trade Union Declaration reads.

The declaration outlined mining, metal, pharmaceutical, IT, chemical and petrochemical sectors as potential areas of collaboration between the BRICS member states – Brazil, Russia, India, China and South Africa.

"We highlight that encouraging investment in priority areas such as infrastructure, logistics and renewable sources of energy is a strategic goal for the sustainable growth of our economies," the declaration asserted.

Falling global oil prices and the ongoing financial standoff between Greece and its European and international creditors have contributed to this and last year’s market volatility.

As a primarily resource-driven economy, Russia has been hit by OPEC’s decision to maintain production levels and the growth of shale oil and gas in the United States, in addition to Western sanctions on its banking, energy and defense sectors.