Russia assumes chairmanship of economic bloc for 2024

Russian President Vladimir Putin said Monday that the BRICS group of major emerging economies is attracting further support from “like-minded countries” sharing its underlying principles as his country assumed the bloc’s chairmanship for 2024.

In a statement published by the Kremlin, Putin said these underlying principles are “sovereign equality, respect for the chosen path of development, mutual consideration of interests, openness, consensus, the aspiration to form a multipolar international order and a fair global financial and trade system, and the pursuit of collective solutions to top challenges of our time.”

He said the motto for BRICS under Russia’s chairmanship will be “Strengthening multilateralism for equitable global development and security.” 

He added that Moscow will focus on positive and constructive cooperation with all countries concerned while following the motto.

“We will spare no effort to ensure that, while preserving traditions and being guided by the experience gained by the association in years past, we facilitate the harmonious integration of new participants in all formats of its activities,” said Putin.

He stressed that they will consider the degree to which around 30 countries are prepared to join its multidimensional agenda “in one form or another,” adding they will start working on the modalities of a new category for partner countries.

Putin said that Russia will continue promoting all aspects of the BRICS partnership in three key areas: politics and security, economy and finance, and cultural and humanitarian contacts.

“Our priorities include promoting cooperation in science, high technology, health care, environmental protection, culture, sports, youth exchanges, and civil society,” he said, noting that more than 200 events “of different levels and types” will be held in Russian cities as part of its chairmanship. 

“We encourage representatives of all countries interested in cooperating with our organization to take part in them. The BRICS Summit in (the Russian city of) Kazan in October will be the culmination of our chairmanship. As Russia assumes its chairmanship, it looks forward to working productively with all countries in the BRICS orbit,” he added.

BRICS, originally comprised of Brazil, Russia, India, China and South Africa, with five new members — Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia — formally becoming full-fledged members of the bloc, contains more than 40% of the world’s population and over 30% of global gross domestic product (GDP).

Argentina was also due to join BRICS on Jan. 1 after receiving an invitation in August. However, newly elected President Javier Milei announced last Friday that the country would not take part in the bloc, fulfilling his campaign promise to shift his country’s foreign policy to seek closer ties with the West.

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