On April 28, an interim meeting of the BRICS Business Council was held, which was attended by representatives of Brazil, Russia, India, China (China chairs the Business Council in 2022), and the Republic of South Africa. Chen Siqing has been appointed Chairman of the Chinese part of the BRICS Business Council.
In his speech, the President of the Russian Chamber, Sergey Katyrin, who heads the Russian part of the BRICS Business Council, named some priority areas for economic development within the "five". According to the President of the Chamber, it is very important to develop financial institutions.
The Russian side supports the proposal to establish the ESG of the BRICS Association, which could take on these tasks. Within the framework of the BRICS, an independent system of credit ratings should be created, Sergei Katyrin believes. Given the importance of maintaining sovereignty in the regulation of credit ratings in each of the five countries, the most promising solution seems to be the creation of an Alliance of BRICS rating agencies, united by a common methodology.
It is also necessary to intensify the discussion of the possibilities of cooperation between the BRICS insurance markets and, given the unfolding crisis of the international financial system, to develop payment services within the "five".
Cooperation with the BRICS New Development Bank should be more active, he said. Sergey Katyrin made a special mention of the offer of JSC Russian Railways regarding priority financing of railway projects by the bank. This proposal is in line with the BRICS Economic Partnership Strategy until 2025 in terms of developing supply chains and increasing the logistics connectivity of countries.
The head of the Russian part of the Business Council proposed to actively promote and maintain a positive image of the Business Council in the BRICS business circles. For this, it is necessary, in particular, to develop the concept of a single Internet site of the DC. Today, everyone has their own separate pages of national parts, and they are in different styles and in different structures. This makes it difficult to perceive the Business Council as a single organization, Sergei Katyrin believes.
The head of the Russian part of the BRICS Business Council reminded in conclusion that this year the St. Petersburg International Economic Forum will be held from June 15 to 18, the Russian national part of the Business Council is holding a session on economic development within the BRICS.
This year the topic of the session is “BRICS countries: deepening trade and economic cooperation”.
Press Service of the Chamber
