29.06.2019, Osaka.
Russian President Vladimir Putin encouraged cooperation on creating a more equitable and sustainable model of global development during a meeting with representatives of BRICS countries at the G20 summit in Japan on June 28, TASS reports.
According to Vladimir Putin, world trade, which is experiencing a heavy burden of protectionism and political restrictions is no longer a “locomotive for economic growth”. The BRICS countries should assume responsibility for developing a new model of global development, Putin believes.
The President of Russia proposed to strengthen the banking systems of the five associated countries and move towards mutual transactions in their national currencies. Putin stressed that instead of the current destruction of the World Trade Organization (WTO), it is necessary to update its regulations. In addition, the Russian president proposed to develop “simple rules” and regulations for governing the activities of transnational corporations, which would allow to avoid monopolization and restrictions on access to technology.
It should be mentioned that on June 27, in the declaration from the BRICS summit held in South Africa, Vladimir Putin said that sanctions and threats of the use of force that violate the UN Charter are unacceptable to the BRICS countries.
It also should be noted that in April 2019 the New Development Bank (NBR) Board of Directors, formerly referred to as the BRICS Development Bank, made a decision to issue new bonds in rubles to finance joint investment projects.
At the tenth annual BRICS summit held in July 2018, it was announced that BRICS should expand economic cooperation with countries from the BRICS “circle of friends”.
Source: Rossa Primavera News Agency
