Russia says BRICS is forming a strategy to address macroeconomic risks in the West.
According to the Russian Finance Minister, the joint strategy arises as a result of the large debts and budget deficits of Western countries.
Sputnik - The BRICS countries are developing a strategy for action amid risks to the global economy that have arisen as a result of the large debts and budget deficits of Western countries, the Russian Finance Minister said in an interview with Sputnik.
Anton Siluanov recalled his experience participating in the G8 finance meetings.
"The G8 is a thing of the past. In meetings of finance ministers in those formats, the Westerners didn't discuss all issues with the Russian side. There was a separate agenda with Russia and an agenda without Russia. There wasn't complete trust," Siluanov admitted, adding that this is not the case in BRICS meetings.
"On the contrary, we tried to coordinate our positions by participating in the G20. We discussed the global economy, the risks associated with the large debts of Western countries, budget deficits, and developed our own strategy for action under these conditions," the Russian minister noted.
He said he had personal contact with his BRICS colleagues.
"Good relations were established with our Chinese counterparts, and inter-ministerial dialogue was maintained with the new Finance Minister, Mr. Lan Foan. Trade relations were also built with the Indian Ministry of Finance."
On January 1, 2024, Russia became the BRICS chairman for that year. During the 2023 summit, Saudi Arabia, Argentina, Egypt, the United Arab Emirates, Ethiopia, and Iran were invited, with Buenos Aires deciding against the initiative after the start of Javier Milei's new government in December of that year.
With the addition of the new members, BRICS will include ten countries, with a total population of 3,6 billion, almost half the world's total. These countries are responsible for more than 40% of global oil production and about a quarter of global merchandise exports.
The meeting of BRICS finance ministers and BRICS central bank governors within the framework of the G20 finance summit will be held this week in São Paulo, where it will be officially handed over to the Russian presidency.