Russia supports BRICS’ Beijing Initiative, says Vladimir Putin ahead of summit

RUSSIAN president Vladimir Putin on Wednesday (22) said Moscow supports the draft BRICS’ Beijing Initiative during his welcome address to BRICS Business Forum, Russian news agency TASS reported.

Putin, who is currently under the world’s scanner over his country’s invasion of Ukraine, said, “Russia supports the draft Beijing Initiative to be adopted following the Forum, which reaffirms the determination of BRICS business circles to continue close joint work in all the areas mentioned.”

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He noted that the topic of the recent forum -- ‘Foster High-quality BRICS Partnership, Usher in a New Era for Global Development’ is of "high relevance”.

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“It is also important that the agenda of the Forum is packed with truly crucial issues, such as ensuring sustainable growth of the global economy, preserving its openness, increasing cooperation in the field of digital economy, green growth, industry modernization, and building new transport and logistics chains,” the Russian president said.

“The Forum indeed plays a large practical role in promoting mutual trade and investment, strengthening cooperation ties and enhancing direct dialogue between business communities, not only within our Association, but also in a broader, global dimension.

“After all, the participants in the BRICS Business Forum represent the interests of a significant and the most dynamically developing part of the international economic community,” Putin added.

International reserve currency based on BRICS currency under consideration

Putin also said on the occasion that the issue of starting an international reserve currency based on currencies of BRICS members is under consideration.

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” he said.

Russian business circles are taking quick action in coordination with BRICS business communities to develop transport infrastructure, readjust logistical routes and create new production chains, Putin said, according to TASS.

“I would like to stress that the Russian strategy does not change: while strengthening our economic, technological and scientific potential, we are ready to openly work with all fair partners on principles of respect to interests of each other, unconditional supremacy of international law, and equality of countries and peoples,” he said.