BRICS lawmakers meet in Moscow, discuss global politics
June 8, 2015, 1:58 pm

BRICS heads of state and government: Vladimir Putin, Prime Minister of India Narendra Modi, President of Brazil Dilma Rouseff, President of the People’s Republic of China Xi Jinping and President of South Africa Jacob Zuma in Brisbane, Australia on 15 November 2014 [PPIO]

In a message to the summit, Russian President Vladimir Putin on Monday said dialogue between BRICS legislators is “a timely and important step in developing the BRICS group, which brings together five large and influential countries”.

“This is particularly important today, when many issues in modern international relations are complex in nature and call for the combined efforts of state authorities and civil society,” said Putin.

Western leaders on Monday at the G7 Summit in Germany warned Moscow that the group would keep sanctions against Russia in place until the peace deal for Ukraine is fully implemented.

Beijing, on Monday, however, objected to the sanctions policy used by G7 member states to pressure Russia over the Ukraine crisis.

“China has repeatedly reiterated its established position that it rejects constant threats and sanctions,” Hong Lei told reporters, answering a question about Beijing’s stance on anti-Russia sanctions.

Russia is hosting the BRICS Summit in July this year and member states are expected to demonstrate the failure of the West to isolate Russia on the global stage.

The BRICS Bank and contingency reserve fund will aid “new prospects for trade and investment, for industrial growth and high-tech development”, Russia’s parliament speaker Sergey Naryshkin told the lawmakers from BRICS countries in Moscow on Monday.

“I am sure that the full launch of the New Development Bank and the Contingent Reserve Arrangement will speed up these processes,” Naryshkin said.

The five largest emerging markets had agreed on the structure of the development bank in July by granting India its first rotating presidency and China its headquarters. The leaders also formalized the creation of a $100 billion currency exchange reserve, which member states can tap in case of balance of payment crises.

TBP