Members of the BRICS economic group could establish their own parliament in the future, Russian President Vladimir Putin said at the tenth parliamentary forum of the bloc in St. Petersburg on Thursday.
The Russian leader noted that the number of participants had increased this year. He said Russia, as the current chair of the group, would ramp up efforts to ensure that the four new members of the bloc were effectively integrated following their accession earlier this year.
BRICS was founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2011. The group expanded this year when Egypt, Ethiopia, Iran, and the United Arab Emirates became full members.
“Thus far, BRICS does not have its own institutionalized parliamentary structure. But I believe that in the future this idea will definitely be realized,” Putin said.
The Russian president stated that, by acting together, the group would be able to unlock its potential in economic, investment and technology cooperation. He also noted that events such as the group’s parliamentary forum strengthen the influence of BRICS on global affairs and help “make the world safer and more harmonious.”
The group’s priorities include the achievement of “positive changes” in the world economy through the development of reliable financial instruments for settling payments within BRICS, Putin said.
Last month, Russian Finance Minister Anton Siluanov announced that BRICS finance ministers were examining the possibility of launching a common blockchain-based system of financial settlements that could be used instead of the Western-dominated financial messaging system SWIFT.
Moscow has also accelerated efforts to move away from SWIFT by trading with fellow BRICS nations in national currencies. The trend has been increasingly supported by group members, which have shifted from using the US dollar and euro for trade settlements. The share of national currencies in Russia’s settlements with BRICS countries jumped to 85% at the end of 2023, up from 26% two years ago.