03:55 GMT +318 July 2018
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    Russian Foreign Minister Sergei Lavrov

    BRICS to Become Key Element in Global Authority - Russian Foreign Minister

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    Russian Foreign Minister said that decisions made during the upcoming BRICS summit in Ufa should give a jumpstart to the organization in becoming one of the key elements in global authority.

    MOSCOW (Sputnik)  Decisions made during the upcoming BRICS summit in Ufa should give a jumpstart to the organization in becoming one of the key elements in global authority, Russian Foreign Minister Sergei Lavrov said Thursday.

    BRICS is a bloc of emerging economies comprising Brazil, Russia, India, China and South Africa. Russia is currently presiding at the group, taking over from Brazil earlier in April. The upcoming BRICS summit is due to be held in the Russian city of Ufa on July 9-10.

    “We are convinced that the decisions that will be made there will give additional impulse to the future formation of BRICS as one of the key elements in the system of global authority on a modern level,” Lavrov said during a meeting with a BRICS youth forum.

    Lavrov said that BRICS is a group that does not combine its efforts against others, but “concentrates on moving forward a positive and united agenda.”

    The BRICS countries make up about 40 percent of the world's population and a combined nominal GPD of about $16 trillion.

    In 2014, BRICS economies signed an agreement to establish the New Development Bank, which is expected to become an alternative to Western-dominated financial institutions and will focus primarily on funding infrastructure projects.


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