President of Russia Vladimir Putin Talks Sustainable Development Goals, economic stimulus and stabilisation in MENA and SE Asia at the 16th BRICS Summit in Kazan Russia this week.
According President of Russia Vladimir Putin, the 16th BRICS Summit was a resounding success with over 200 events organised across thirteen Russian cities this week.
This year, BRICs operated in a new expanded format with delegations from 35 countries and six international organisations present at the Summit. President Putin claims that new member countries witnessed and understood that it is feasible to work and achieve results within BRICS.
“They have come to appreciate that the cornerstone of our group is mutual respect and obligatory consideration of each other’s interests. I can state with satisfaction that all of them are actively participating in working forums and are putting forward useful and promising ideas and initiatives,” says President Putin.
According to President Putin, “civilisational diversity” underlies the strength and enormous potential for cooperation not only within BRICS but also within the broader circle of like-minded countries that share the group’s goals and principles.
A BRICS Plus/Outreach-format meeting was held this year too. Russia, as the current chair of BRICS, invited leaders from the CIS countries and delegations from many Asian, African and Latin American countries, as well as heads of executive bodies of a number of international organisations to attend this meeting.
“We exchanged views on key international issues with a focus on the escalation in the Middle East. We also explored prospects for cooperation between BRICS states and countries from the Global South and East in the interests of inclusive sustainable development. Most importantly, all sessions and events have taken place in an atmosphere fostering mutual understanding that is customary for BRICS. This constructive approach to joint work allowed us to conduct an in-depth discussion of a wide range of issues over the course of three days,” says Putin.
President Putin also discussed The Kazan Declaration, a comprehensive document that he claims reaffirms the commitment of all BRICS countries to building a more democratic, inclusive, and multipolar world order based on international law and the UN Charter.
“It also underscores our collective determination to oppose the practice of imposing unlawful sanctions and attempts to erode traditional moral values,” says President Putin.
On the subject of Sustainable Development, President Putin says that BRICS countries are committed to deepening partnerships in the financial sphere.
“We will continue to enhance interbank communication and to work on creating mechanisms for payments in national currencies that are immune to external risks. We discussed at length possible joint efforts to further stimulate investment in order to promote economic growth in BRICS states and countries of the Global South and East. We will engage, among other means, the New Development Bank led by its President Dilma Rousseff,” says President Putin.
According to Putin, there are promising prospects for bolstering sectoral cooperation and implementing new projects in industry, energy, logistics, high technology and many other key areas.
“In Kazan, we reaffirm that BRICS is not a closed format; it is open to all those who share BRICS values. The group’s members are prepared to work towards identifying joint solutions without external impositions or attempts to enforce narrow approaches upon anyone. BRICS is compelled to respond to the burgeoning demand in the world for such cooperation. This is the point of our cooperation with BRICS partner countries. Creating an investment platform within BRICS is precisely the goal of our efforts,” says President Putin.
According to President Putin, economies of countries like Russia, China, Saudi Arabia, and others will develop at a steady and positive pace. However, there are regions around the world where growth will go at a very fast pace. These are primarily South Asian and African countries.
“This is exactly why we, within BRICS, are addressing the issue of creating a new investment platform using the latest electronic tools. The goal is to create a system that is non-inflationary and to create proper conditions for investing in efficiently and quickly developing markets worldwide, especially in Africa…Yesterday, I spoke with the Prime Minister of India. They have a yearly population growth of ten million people. That means ten million more people in India every year. These regions of the world are less urbanised, but urbanisation will definitely ramp up, and both people and countries will strive to catch up with the living standards in other regions…Capital accumulation will happen as well, and is already happening. All of this suggests that we should focus [on SE Asia and MENA],” says President Putin.
According to President Putin, a working group has been created at the BRICS New Development Bank in order to develop mechanisms for effective and reliable investment in these countries. He claims that The New Development Bank has provided funding for 100 projects worth approximately USD 32-33 billion.
President Putin also claims that as for investment, it is instrumental for Saudi Arabia, Russia and other countries like China and India to ensure that their investment in emerging markets is reliable and safe.
“This is something that really matters to us. Our proposals on establishing a new investment platform are designed to achieve this goal. As for Saudi Arabia, let me assure you that we have been maintaining effective ties with the Crown Prince, who is our friend, as well as the Custodian of the Two Holy Mosques – the King of Saudi Arabia. Saudi Arabia’s representatives took part in our work today, and we hope that this cooperation expands and gains momentum in the future,” says President Putin.
Commenting on the Kazan Summit, UN Secretary-General António Guterres also urges member countries to turn words into deeds and says that the community of nations need to work as a one global family to address global challenges.
“Challenges like the rising number of conflicts. The devastation of climate change, pollution and biodiversity loss. Rising inequalities and lingering poverty and hunger. A debt crisis that threatens to smother plans for the future of many vulnerable countries. The fact that fewer than one fifth of the Sustainable Development Goals (SDGs) are on track. A growing digital divide, and a lack of guard-rails for artificial intelligence (AI) and other frontier technologies. And a lack of representation and voice for developing countries at global decision-making tables. From the Security Council to the Bretton Woods institutions and beyond. This must change, “ says Guterres.
Commenting on Sustainable Development goals, Guterres says that he sees four areas for action.
“Today’s international financial system is not offering many vulnerable countries the safety net or level of support they need. The Pact for the Future calls for accelerating reform of the international financial architecture that is outdated, ineffective and unfair. It includes a commitment to move forward with an SDG Stimulus to change the business model to substantially increase the lending capacity of Multilateral Development Banks to developing countries,” says Guterres.
Guterres also calls for more mechanisms to restructure loans for countries drowning in debt and to mobilize more international and domestic resources, public and private, for vital investments in developing countries.
“Next year’s Conference on Financing for Development and the Summit on Social Development are two milestones to carry these efforts forward. We must also recognize the importance of South-South cooperation. It doesn’t replace the commitments and obligations of developed countries. But it is providing a growing contribution to supporting developing countries in overcoming obstacles to reaching the SDGs. Developed countries must also keep promises to double adaptation finance and ensure meaningful contributions to the Loss and Damage Fund, which was not the case when it was created,” says Guterres.
