New Dehli (ANI-New Ziana)- The expansion of the BRICS group reflects the increasing desire for a multipolar world based on sovereign equality and mutual respect, a Russian envoy has said.
Russian ambassador to India, Denis Alipov said this during a discussion titled “‘International Turbulence: Challenges and Opportunities for India-Russia Relations” held in the capital on Monday.
BRICS is an acronymn for the grouping of major emerging economies Brazil, Russia, India, China and South Africa.
Alipov highlighted that Russia’s chairmanship of the BRICS group will provide opportunities to reinforce its role in the international monetary and financial system.
He said Russia actively cooperates within the BRICS format and believes that the expansion of this influential group, along with the inclusion of over 30 nations in different capacities, showcases the growing ambition for a diverse world founded on sovereign equality and mutual respect as outlined in the United Nations Charter.
Russia’s chairmanship of the forum will usher in new possibilities for enhancing the role of BRICS in the international monetary and financial system, promoting fairness and security, he added.
Alipov also stressed the significance of cooperation among Eurasian countries, expressing support for the Shanghai Cooperation Organization (SCO), which will greatly contribute to strengthening ties within the vast region.
The acronym BRIC, which did not initially include South Africa, was coined in 2001 by then Goldman Sachs chief economist Jim O’Neill in a research paper that underlined the growth potential of Brazil, Russia, India and China.
Founded as an informal club in 2009 and its founding initiated by Russia, the bloc seeks to provide a platform for its members to challenge a world order dominated by the United States and its Western allies.
The group is not a formal multilateral organisation like the United Nations, World Bank or the Organisation of the Petroleum Exporting Countries (OPEC).
Heads of state and government of the member nations convene annually with each country taking up a one-year rotating chairmanship of the group.
Over 40 countries, including Iran, Saudi Arabia, United Arab Emirates, Argentina, Algeria, Bolivia, Indonesia, Egypt, Ethiopia, Cuba, Democratic Republic of Congo, Comoros, Gabon, and Kazakhstan have expressed interest in joining the grouping, according to 2023 summit chair South Africa.
They view BRICS as an alternative to global bodies viewed as dominated by the traditional Western powers and hope membership will unlock benefits including development finance, and increased trade and investment.
Dissatisfaction with the global order among developing nations was exacerbated by the COVID-19 pandemic when life-saving vaccines were hoarded by the rich countries.
ANI-New Ziana
