Kremlin: BRICS could form new institutions within a few years

Yekaterinburg (ANTARA) - Decisions on the formation of new institutions within BRICS could be taken at upcoming high-level meetings, said Maxim Oreshkin, Deputy Head of Staff at the Russian Presidential Executive Office, on Tuesday.

“The demand for establishing institutions within BRICS is growing, particularly as the organisation expands,” Oreshkin said at an Open Dialogue event during the International Youth Festival.

“I am convinced that at one of the upcoming high-level meetings—perhaps in China or at the next gathering—a decision will be taken regarding the establishment of additional institutions,” he added.

Oreshkin noted that the need for new institutions has emerged alongside growing economic strength, interstate relations, and the accumulation of knowledge and the exchange of best practices.

“This is what will play an important role in the formation of new institutions, similar for example to the Organisation for Economic Co-operation and Development (OECD) in the West. Something similar is entirely likely to be established under BRICS in the coming years,” the official said.

The New Development Bank (NDB) is already operating within BRICS, while an expansion of its mandate is still under discussion, Oreshkin said.

Oreshkin praised the 18th BRICS Summit held in New Delhi as a highly successful event, bringing together “half of global growth… of the entire world economy, half of the population.”

The BRICS Summit took place in New Delhi on 12–13 September. In the summit declaration, national leaders emphasised the increasingly important role of the New Development Bank.

BRICS comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, and Indonesia. The organisation’s member states together account for around 40 per cent of global gross domestic product (GDP) and nearly half of the world’s population.

Source: Sputnik/RIA Novosti