“Due to efficient cooperation between the BRICS members and coordination within international organisations and forums, the strategic partnership has grown stronger and continues to actively develop in the most diverse areas,” Russian leader, Vladimir Putin, said at a meeting with his BRICS colleagues at the G20 summit held in Buenos Aires, Argentina.

Putin supported much of what his colleagues have said about the difficult situation in global politics, economy, trade and finance, an increase in global debt, volatility of stock markets and escalating trade disputes.

“In general, we cannot help noticing that unfair competition often takes the place of fair and equitable intergovernmental dialogue. The nefarious practice of imposing unilateral sanctions and protectionist measures without regard to the UN Charter, WTO rules and other generally accepted legal norms is spreading,” he stressed.

All of these seriously undermine the atmosphere of cooperation on the global stage and lead to declining business ties and loss of trust between participants of economic relations, distorting the very fabric of the global economy, Putin explained further.

The BRICS countries plan to continue working together to create a fair and equitable system of international relations. For this, collective action based on mutual respect and consideration of interests is needed in order to overcome the critical challenges facing the international community.

He noted that the danger posed by international terrorism which is not subsiding and enlist the support of BRICS members in counteracting this global problem.

He suggested that BRICS play a more significant role in the global financial system, push for the continuation of the IMF reform and for greater influence in the IMF.

The BRIS members pledged to get committed to sustainable development of agriculture. Russia is a large producer and exporter of agricultural produce, contributing significantly to food security. Over the last 10 years, we supplied over 650,000 tonnes of food and humanitarian aid to more than 110 countries.

It is expected that the bond and national currencies fund of the BRICS countries to become available in 2019, which would allow strengthening financial and investment stability and expanding the interaction of national payment systems.

They pledged to pay special attention to coordinating the BRICS countries’ positions on issues related to energy and climate change.

Russia, as a reliable exporter of energy to many countries and regions in the world, intends to continue to actively participate in harmonising global energy markets jointly with other suppliers and consumers of fuel and to provide global energy security.

A significant contribution to financial stability has been made by the new development bank, which is now supporting 26 projects in BRICS countries with US$6.5 billion in financing.

President Vladimir Putin arrived in Buenos Aires to attend the Group of Twenty summit. Before that, he held an informal meeting with his BRICS counterparts where he congratulated President of South Africa, Cyril Ramaphosa, for organising everything during his chairmanship in July 2018 and further promised similar support for President of Brazil, the new chair, for the next summit in 2019.

The leaders of the BRICS (Brazil, Russia, India, China and South Africa) nations have agreed to hold their next summit in Brazil in 2019, according to the statement passed after their informal meeting on the sidelines of the Group of Twenty summit in Buenos Aires.

By Kester Kenn Klomegah

The author klomegah149@yandex.ru  writes frequently about Russia, Africa and BRICS.