WASHINGTON, September 26 (RIA Novosti) - Russia potentially has a strong role in the future of the world financial development, although it has mainly been on the sidelines to date, Patrick Bond, Director of the Center for Civil Society in Durban, South Africa, told RIA Novosti Friday.
“I fear Russia had the least role so far, but potentially it has a stronger role in future, to ensure that the BRICS Bank identifies projects, benefiting the national economy and society - not neo-colonial US and European corporations,” Bond said.
The BRICS states - Brazil, Russia, India, China, and South Africa - represent about one-third of the global population and a combined economy of some $13.6 trillion. After the latest BRICS summit and creation of a BRICS bank, many experts have been speculating that the nations could provide a counterweight to the West.
Russia will chair the BRICS group in January 2015. The 7th BRICS summit is scheduled for July 9-10, and will be held in the Russian city of Ufa, along with the next Shanghai Cooperation Organization summit.
Russia is developing a number of major initiatives, aimed at expanding investment cooperation. The preparation of the draft strategy for multilateral economic cooperation is also underway.
