BRICS needs concrete actions rather than bureaucratic formalities

GMT 02:51 2015 Saturday ,11 July

Arab Today, arab today BRICS needs concrete actions rather than bureaucratic formalities

President Vladimir Putin
UFA - Itar-Tass

Russian President Vladimir Putin does not see the need to transform BRICS (Brazil, Russia, India, China and South Africa) into a full-fledged international organization at this stage.

According to him, real actions are more important than bureaucratic formalities, he said on Friday.

"I do not know whether we should bureaucratize this structure (BRICS). There is no need for that so far. We are creating an E-secretariat to better coordinate our joint wok," Putin told a news conference held after the BRICS and SCO (Shanghai Cooperation Organization) summits on Friday.

According to Putin, the common desire to integration is much more important. He added that BRICS had started forming in 2006 when the leaders of China, India and Russia met on the sidelines of the G8 summit in St. Petersburg. Brazil and South Africa joined the format later. "Everything goes in a natural way. No one is driving anybody into any associations. It is very important that all participants in the process feel the objective need in cooperation," the Russian president stressed.

"It is particularly true of the need to create more democratic principles of world economy. Reciprocal support is also important. That is why we created the New Development Bank and the Pool of Foreign Exchange Reserves worth 200 billion US dollars," Putin said adding that actual instruments of interaction were being formed.


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