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BRICS matures, can turn into political alliance: Russian FM
Source:Xinhua Published: 2014-7-18 23:36:05
The BRICS mechanism has been fully developed and can transform into a political alliance, Russian Foreign Minister Sergei Lavrov said Friday.
"BRICS grows and matures in all directions," the diplomat told state-run Rossiya 24 TV channel.
Lavrov said the "qualitative" growth of the mechanism to a degree made it possible to transform into a political alliance, which is especially noticeable in its work within the Group of 20 (G-20) on global economic and financial affairs.
BRICS that groups Brazil, Russia, India, China and South Africa has many allies in the G-20, the minister noted, naming Argentina, Mexico and Indonesia in particular.
"They speak in the common voice with BRICS in the G-20 on the reform of international financial system," the diplomat said.
BRICS countries are going to jointly demand implementation of the International Monetary Fund (IMF) reform during the G-20 summit be hosted by Australia in November.
The agreements to reform IMF quotas were reached in 2010 but have been put on hold by leading Western countries ever since.
During the BRICS summit held this week, the bloc announced the establishment of the Contingent Reserve Arrangement and the BRICS Development Bank, which were seen as moves to rival the IMF and the World Bank.
Read more in Special Coverage:
"BRICS grows and matures in all directions," the diplomat told state-run Rossiya 24 TV channel.
Lavrov said the "qualitative" growth of the mechanism to a degree made it possible to transform into a political alliance, which is especially noticeable in its work within the Group of 20 (G-20) on global economic and financial affairs.
BRICS that groups Brazil, Russia, India, China and South Africa has many allies in the G-20, the minister noted, naming Argentina, Mexico and Indonesia in particular.
"They speak in the common voice with BRICS in the G-20 on the reform of international financial system," the diplomat said.
BRICS countries are going to jointly demand implementation of the International Monetary Fund (IMF) reform during the G-20 summit be hosted by Australia in November.
The agreements to reform IMF quotas were reached in 2010 but have been put on hold by leading Western countries ever since.
During the BRICS summit held this week, the bloc announced the establishment of the Contingent Reserve Arrangement and the BRICS Development Bank, which were seen as moves to rival the IMF and the World Bank.
Read more in Special Coverage:
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