Another BRICS in the Wall – BRICS to Create Own Parliamentary Assembly
from Sputnik News Russian State Duma Speaker Sergei Naryshkin and Foreign Affairs Committee Chairman Alexei Pushkov discussed the possibility to establish a parliamentary assembly of the BRICS countries during their visit to India, according to the source. A parliamentary assembly of the BRICS countries, namely Brazil, Russia, India, China and South Africa, could be established in the near future on Russia’s initiative, the Izvestia newspaper reported Thursday, citing a source familiar with the situation. The issue will reportedly be discussed during the upcoming trip to India by Russian State Duma Speaker Sergei Naryshkin and Foreign Affairs Committee Chairman Alexei Pushkov. “We will begin cooperation to establish a parliamentary assembly of the BRICS countries. This will be one of the issues that will be discussed there,” the source told Izvestia. Naryshkin and Pushkov will be joined by Russia’s Deputy Finance Minister Sergei Storchak, who oversees the creation of a new bank within the BRICS framework, on their visit to New Delhi, according to the source. Pushkov declined from passing detailed comment on the source’s statements, but confirmed to Izvestia that Russia is set to “strengthen and give new impetus to inter-parliamentary cooperation within the BRICS format.” The BRICS group of prominent emerging economies was established in 2010, when South Africa joined Brazil, Russia, India and China in what was previously known as BRIC. BONUS COVERAGE>>> BRICS Development Bank to Function by End of 2015 – Russian Official The Russian Finance Ministry believes the BRICS Development Bank being founded by the economies of Brazil, Russia, India, China, and South Africa will be operational by the end of 2015, Deputy Finance Minister Sergei Storchak said Tuesday. “We believe that a decision on the launch of financing the first project will be made by the end of the year. We have set this goal before us, but of course no one can give a 100-percent guarantee that this will be accomplished,” Storchak said. The set-up of the Development Bank was agreed upon during a BRICS summit last July in Fortaleza, Brazil. It is to be headquartered in Shanghai. The bank’s initial capital is expected to be $100 billion and its creation is expected to offset the influence of Western-dominated financial institutions. The bank is expected to focus on helping emerging economies borrow cash for major infrastructure projects BRICS is a group of emerging economies comprising Russia, Brazil, India, China, and South Africa. The BRICS countries have economies of around $13.6 trillion in total. The next BRICS summit is scheduled to take place in July in the southern Russian city of Ufa.