18+
For the year of Russia's presidency, on July 8-9 2015, the summit was held in Ufa city in parallel with the summit of the SCO and the EAEC, where the parties signed a number of documents. In addition, this year significantly advanced cooperation in the humanitarian and socio-civic sphere. Also, the Bank of BRICS was finally started. The last meeting of BRICS at the ministerial level took place on 26-27 January 2016 in Ufa, and was devoted to the issues of labor and migration.
A few days ago, the "Financial Times" reported that investors preferred long-term projects in Taiwan, India, China and South Korea, instead of the informal association of the group of Brazil, Russia, India, China and South Africa. However, the publication failed to mention that in the first case, we are talking about bilateral relations, whereas BRICS is an informal club that does not have a statute, but its members are coordinating with each other on global strategy. So, Russia, China, Brazil and India actively intervene in the reform of the IMF, and Russia and China defend the interests of its partners in the UN. In addition, internationally recognized standards and methodologies reflect the Western approach, namely the Anglo-Saxon world of the political economy. In this context, the Governor of the Central Bank of India, Raghuram Rajan, said on January 29th that they have developed a new method for calculating GDP. Previously, on January 14th 2016, BRICS countries made the first tranche of $750 million to fund the BRICS New Development Bank.
On the other hand, the position of the "Financial Times" reflects the West's attempt to interfere with the operations of the club. Three other countries belonging to the club are now experiencing problems. They are trying to strangle the economy of Russia via sanctions, with neoliberal agents trying to raise local opposition against the leaders of Brazil and South Africa.
BRICS occupies 26% of the Earth's land area, with a combined population of 42% of the world, and the total GDP of the five countries totalling 27%.
In 2015, it was suggested that if BRICS could create an alternative to the dollar global economic system, it would be a blessing for the world.
