BRICS poised to achieve significant progress in next decade

IRNA – Russian economist and academic Svetlana Frumina believes that BRICS will achieve significant progress over the next decade as the bloc is providing its member states with the opportunity to act independently from Western rules when it comes to financial issues.

The proposed payment system in BRICS, which focuses on using local currencies, is a safe and non-political solution that allows the bloc’s member states to do financial exchanges regardless of Western sanctions and unilateral decisions, said the academic at the Plekhanov Russian University of Economics in Moscow.

Frumina, who is the head of Plekhanov University’s Department of World Financial Markets and Fintech, made the comments in an interview with the IRNA correspondent in Moscow on Monday, a day ahead of the 16th BRICS summit that will take place on October 22-24 in Russia.

She said that other plans, which have so far been put forward at BRICS, are inclusive and based on using modern technology, which will guarantee fair financial ties between countries.

Elaborating on other reasons pointing to a bright future for BRICS, the Russian economist said that the bloc has been expanding in the recent years as several countries including Iran have joined it.  

The expansion of the geographical scope of this group has increased its influence in the world economy, in terms of gross domestic product and trade volume, she argued.

BRICS also dominates the global market when it comes to natural resources, providing more than 40% of global oil production and about 25% of global raw material exports, she said.