BRICS 2015 Summit Outcomes

• 07.10.2015, 18:42
•  World

The 7^th BRICS countries summit (Brasil, Russia, India, China, South Africa) which was held in Ufa, Russia, came to an end. The agenda of the summit was very busy and substantive, which was a direct reflection of the diversity and depth of interaction between the five participating countries. The focal point was the meeting of BRICS national leaders held in a narrow and expanded formats, which, according to Russian President, were traditionally held in a friendly and constructive atmosphere.

''We had a detailed discussion of the entire range of issues pertaining to cooperation within our organization and adopted the Ufa Declaration and Action Plan that includes large-scale targets for the BRICS activities next year and in the long term,'' Vladimir Putin declared during the Press-Conference following the Summit.

The 7^th Summit of BRICS, which was running under Russia's presidency, put forward the initiative for closer coordination of the BRICS macroeconomic policy. All the partners supported Russia’s proposals on expanding mutual trade and capital investment, TASS.ru reports.

''The leaders of our nations have agreed to further coordinate their foreign policies within BRICS. Our countries will continue interacting with the UN, its regional and sectoral structures and forums. We intend to jointly resist the spreading threat of terrorism and extremism, prevent the resurrection of the Nazi ideology, jointly contribute to combating drug trafficking and piracy and work on information security, including on the Internet. We dealt in detail with the situation in the global economy. We are concerned about the market instability, the high volatility of prices for energy resources and raw materials, and accumulation by a number of major countries of a sovereign debt. In these conditions, the BRICS nations intend to more actively use their own resources and internal development reserves'', – added the President of RF, stressing that their work in Ufa was aimed at stepping up their diverse cooperation within BRICS. The organization would continue making its contribution to international security and global growth, to the resolution of today's major challenges.

The leaders also announced their strategy for economic partnership, which is 28-page document. Together with 43-page Ufa Declaration, this document is one of the most important outcomes of the summit.

"In this document, we have defined the economic cooperation priorities and its a road-map for future cooperation," Zhang Jun, Director General of Department of International Economic Cooperation of the Ministry of Foreign Affairs of China said, China Daily writes.

The document has defined that trade, investment, manufacturing, minerals processing, energy, agriculture, science and innovation, finance, connectivity are major priority areas of BRICS cooperation.

''The summit of BRICS countries in Ufa has been a "complete success" because the five countries have deepened their partnership and extended such closeness to their regional partners,'' Zhang Jun added.

Brazilian President Dilma Rousseff in her turn was very happy and satisfied with the results of the Summit, noting that during the seventh summit of the organism materialize ''the creation of the Bank of BRICS, determine the entire management structure and even longer appoint the president and vice president of the bank'' also said closing member countries’ agreement on the pool of reserves,'' Brasil News writes.

''I think this seventh summit of the BRICS had an exceptional result in the framework of our relations'',- Rousseff stressed after the Summit.

The leaders of India and the South Africa also sounded rather excited and impressed by the 7th Summit of BRICS, and it seems that everyone was content getting what they needed and expected from the Summit. But it surely will be more interesting to follow the USA or EU reactions about this very event taking into account that it was organized and initiated by Russia, and President Putin, in particular.