Says Russian official - we're bound to agree. It has proven a successfull and worthwile concept - quite likely there is a number of capitals that wouldn't mind the political and business ties and prestige associated with membership
BRICS is quickly building a rival to the Western financial system and its institutions. Developing countries are eager to join the five members and gain access to the huge investment capital.
Following Russia's invitation to Greece to join the BRICS Development Bank, speculation is rife that the association may start accepting new members. Greece promised to consider the decision for the July summit of BRICS in Moscow.
The original four members were joined by South Africa in 2011.
“This might take a year or two, but this is an absolutely unavoidable process,” Vadim Lukov, Russia’s deputy representative to BRICS, said in an interview Thursday at the Foreign Ministry in Moscow. “There are a whole number of countries that want to join BRICS, major developing economies.”
BRICS agreed to set up a $50 billion development bank to rival the International Monetary Fund and the World Bank at last year’s summit in Brazil, as well as a $100 billion currency exchange reserve. Russia is promoting the creation of a BRICS rating network to counterbalance what Lukov calls “openly politicized” credit reports by U.S.-based Standard and Poor’s and Moody’s Investors Service, and an energy association to exert some influence on markets. Russia is the world’s biggest oil and gas exporter and China the largest energy consumer.
“We want to show leadership through new forms of cooperation which will be more fairly balanced and reflect today’s multipolar world,” Lukov said.
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