The BRICS countries want to challenge the international financial system’s dependency on US policies and strengthen the rule of international law, Vladimir Putin said. He stressed, however, that there are no plans for a military or political alliance.
“In the BRICS case we see a whole set of coinciding strategic interests,” Russia’s President Vladimir Putin said in an exclusive interview with Itar-Tass.
Read the full interview with President Vladimir Putin
“First of all, this is the common intention to reform the international monetary and financial system. In the present form it is unjust to the BRICS countries and to new economies in general. We should take a more active part in the IMF and the World Bank's decision-making system. The international monetary system itself depends a lot on the US dollar, or, to be precise, on the monetary and financial policy of the US authorities. The BRICS countries want to change this,”Putin said.
In the modern world, the factor of common borders does not play a defining role; global processes encourage countries to join efforts as challenges and problems become shared, he said.
“Another long-term common interest of the association’s members is strengthening the rule of international law and the UN’s leading role in the international system,” the president added. “To be honest, without Russia’s and China's principled position on Syria in the Security Council the events in that country would have followed the Libyan and Iraqi scenario.”
It is clear that all the BRICS economies need serious infrastructure modernization, Putin said. “Our initiative to establish the Development Bank is aimed at expanding cooperation in this sphere.”
“Another important initiative that is underway is creating a BRICS pool of foreign currency reserves. It will become a safety net to help us form a joint response to economic challenges.”
Putin emphasized that both the Development Bank and the foreign currency reserves pool are practical steps for the BRICS countries, intended to strengthen international financial architecture and make it more balanced and just.
“It is in our common interest to use the complementarity of national economies to the maximum. Cooperation opportunities are great indeed. This is the market with almost three billion consumers. The BRICS countries have unique natural resources and a substantial technological, financial and industrial potential.”
Another important question that BRICS nations are going to raise at the summit is the increasing cases of unilateral sanctions.
“Recently Russia has been exposed to a sanction attack from the United States and its allies. We are grateful to our BRICS partners who have criticised such practices in different forms,” Putin said.
“Together we should think about a system of measures that would help prevent the harassment of countries that do not agree with some foreign policy decisions made by the United States and their allies, but would promote a civilised dialogue on all points at issue based on mutual respect.”
Cooperation in setting rules of responsible behavior in the global information space is another important issue, the Russian president said.
“Such rules must be based on the principles of respect for a country's sovereignty, non-interference in domestic affairs, observance of human rights and freedoms, as well as equal rights for all countries to participate in Internet management. I think our joint efforts will ensure that the BRICS countries hold a leading position in strengthening international information security.”
“We are planning to shape a joint information policy in the international arena to support BRICS’ activity and to present a more unbiased picture of the world.”
“I believe it is time to raise the BRICS' role to a new level and to make our association an unalienable part of the global management system for sustainable development.”