This year's BRICS meeting is as important as ever. The summit carries more of a political meaning to it, rather than purely economic, as all participants recognize that both political and economic power is currently shifting away from the West, the United States in particular, towards other parts of the world, French Le Monde reported.
The Russian President plans to use the summit to further increase Russia's political influence in the world. Meanwhile, China is also up for an important task — to strengthen the BRICS' political connections and establish itself as the world's second largest economy, Le Monde said.
The BRICS members established a $100-billion liquidity reserve to maintain the bank's financial stability. China made the biggest contribution — $41 billion, India, Brazil and Russia are expected to dish out $18 billion each, while South Africa will give $5 billion.
Russia, currently holding the annual presidency in BRICS, attaches great importance to the development of interaction with BRICS member states and considers these relationships a foreign policy priority.