BRICS countries ensure global economy’s movement towards modernization

BEIJING, June 19. /TASS/. The adoption of the BRICS Economic Development Strategy at the 2015 Ufa summit was a step aimed at upgrading global economy management, Russian top diplomat Sergey Lavrov said addressing the BRICS foreign ministers meeting in the Chinese capital of Beijing. "We urge the reform of the outdated global financial and economic system which does not take into consideration the role that emerging markets play in the global economy," he said. "The adoption of the BRICS Economic Development Strategy at the Ufa summit, the establishment of the New Development Bank and the $200 billion Contingent Reserve Arrangement were important steps on this road," the Russian foreign minister added. "These steps really facilitate the upgrade of the global management architecture," Lavrov pointed out. He also said that the BRICS group was one of the few international institutions that were aimed at building confidence on the international level. "BRICS is an effective mechanism for strategic cooperation and coordination of activities related to a wide range of global political and economic issues," the Russian top diplomat noted. Read more