Sergei Ryabkov, Deputy Minister of Foreign Affairs of the Russian Federation

Sergei Ryabkov: There is a whole number of initiatives to develop new economic cooperation tracks within BRICS

Sergei Ryabkov, Deputy Minister of Foreign Affairs of the Russian Federation

The Strategy for BRICS Economic Partnership is close to finalisation, Deputy Foreign Minister and Russia's BRICS Sherpa Sergei Ryabkov said.

The document has yet to be harmonised, but it will certainly be made public in Ufa and be one of the chief results of the summit, he said.

The BRICS countries have also started consultations on establishing a multilateral payment system similar to SWIFT, he said.

"The idea is to create a multilateral payment system within the association, which would ensure greater independence, or rather, secure the BRICS countries against the risks related to arbitrary decisions in this area," Mr Ryabkov said.

BRICS central banks are interested in considering Greece's participation in projects run by the BRICS New Development Bank, which could become a complementary institution to the Asian Bank, he said.

"There is no conflict on this issue within BRICS. There are numerous unresolved problems in all of the BRICS economies as well as in other developing economies, so there will be enough room for us all. Furthermore, the diversified use of financial resources will expand," he said.

The Russian official said that as the New Development Bank evolves and starts working, the US and the EU criticism of BRICS will intensify.

"Despite all the declarations to the effect that competition is welcome in all areas, what we see is the desire to preserve the monopoly of the ‘historical West' over financial and economic leverage to influence what goes on in the world," he said.

After the Ufa summit, work will continue on investment regimes, possibly leading to new agreements. There is also a whole number of initiatives to develop new economic cooperation tracks within BRICS, Mr Ryabkov said.