Russia's Putin proposes new insurance system and grain market for Brics nations
The Russian president said Brics should strengthen independent routes for capital, labour and technology while promoting a balanced global governance system.
On the final day of the BRICS summit hosted by India, Russian President Vladimir Putin suggested a new insurance system and a joint grain market for the BRICS member states and partner countries. Putin emphasized that Russia has independent routes for capital, labor, and technology transfers, allowing it to operate regardless of external pressures. The Russian leader proposed these initiatives as a response to the extensive sanctions imposed by the West on Russia due to its invasion of Ukraine.
Putin highlighted the functioning of the New Development Bank, a multilateral development bank established by the BRICS states, which has been managing projects worth $140 billion. He praised the bank's contribution to international challenges and advocated for a "holistic approach" to addressing global issues. He urged global South countries to work together on developing a better global governance structure and tackling both traditional and non-traditional security threats.
Putin emphasized that BRICS' focus on charting an independent course to combat global challenges has increased its global stature as interest in the bloc continues to grow.
Written by urgent.news from Hindustan Times - World News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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