BRICS Economic Security Priority For Russia’s 2015 Presidency, Expert Says

Posted by EM_Equity ⋅ January 15, 2015 ⋅ 1 Comment

Filed Under banking, Brazil, BRICS, BRICS Bank, China, development bank, economic growth, Economic Security, Economy, EM, Finance, FX, India, investing, Investment, market volatility, Reserves, Russia, Slowdown, South Africa, volatility

Meeting of BRICS delegations’ heads. Photo courtesy TASS © / Valery Sharifulin.

Economic security for BRICS emerging market nations should be a top priority for Russia’s presidency of the grouping uniting Brazil, Russia, India, China and South Africa, a Russian expert said on Thursday, urging vigorous steps to develop a regional development bank and a currency reserve pool.

Vladimir Davydov, deputy chairman of the research council of the National Committee on BRICS Research and director of the Russian Academy of Sciences’ Latin America Institute, said: “The situation with [Western] sanctions war against Russia strikes a blow not only against Russia but also against the entire BRICS.”

“Tasks and priorities of the presidency are now considered in a much broader context,” he told a Moscow-Beijing video conference, looking to strategic priorities of Russia’s presidency this year.

“We are talking about ensuring economic security of all BRICS member states and giving them opportunities to develop dynamically amid extreme turbulence in global markets,” the expert said.

“We should develop key civilization areas of modern times… including a new BRICS development bank and a currency reserve pool,” he added.

“We should move forward in this direction, and now more vigorously than before,” he said, noting that this was the main task of the July BRICS summit in the Russian city of Ufa.