13 April 2010, 20:58

Dmitry Medvedev: BRIC cooperation has great potential

Dmitry Medvedev: BRIC cooperation has great potential

The financial cooperation of the BRIC member-states - such as Brazil, Russia, India, and China - including, among other things, their agreement on trade in national currencies, will enhance the interaction of the four countries in nuclear power production, in aircraft construction, in space exploration, and in some other spheres.

The financial cooperation of the BRIC member-states - such as Brazil, Russia, India, and China - including, among other things, their agreement on trade in national currencies, will enhance the interaction of the four countries in nuclear power production, in aircraft construction, in space exploration, and in some other spheres. Such is the opinion of Russia's President Dmitry Medvedev, which he voiced in his article, "The BRIC Countries: Common Goals - Common Action", which is dedicated to the BRIC summit, due to take place in Brazil from April 15

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to 16

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.

Though the BRIC summits do not have a very long history, they have already won high international authority. And this is no surprise at all, because the BRIC member countries account for 26 per cent of the world's territory, and their contribution to the world economic growth has exceeded 50 per cent in recent years.

Russia plays a significant role in this group. Dmitry Medvedev says that overcoming the consequences of the global meltdown, Russia is following the path of complex renewal. More and more finances are being invested now in the further exploration of outer space, in the raising of energy efficiency, in giving a boost to nuclear power production and to alternative sources of energy, and also in the development of new medical technologies. Much importance is attached today to the processing of minerals, as well as to an increase in agricultural production. President Medvedev is sure that Russia's tangible achievements will prove to be of great demand for its partners in the BRIC group.

For its part, Russia is watching the dynamic development of the other members of the BRIC group of countries with great interest and sympathy. The combination of comparatively competitive advantages of the four countries creates a situation of mutual benefit in quite a number of areas and besides, provides unique stimuli for cooperation. Many of them are already used today. The possibility to conclude mutual agreements on trade in national currencies, which the BRIC countries plan to do, will enable them to bring their interaction to a qualitatively new level, Expert with the Institute of World Economy and International Relations Andrei Volodin says:

"I think that the issue of the mutual convertibility of national currencies is correctly formulated and that there're good prospects for it. The point is that the mutual convertibility of national currencies would ensure the BRIC's independence, to a certain extent, from the main world economy centres and would also secure the four super-big countries - Brazil, Russia, India, and China - against the possible perturbations the world economy might face in future. Certain conditions should be created for the mutual convertibility of national currencies, including, first of all, the active interest of all participants", - Andrei Volodin says.

There're facts confirming that the BRIC member countries are interested in mutual cooperation. For example, it is decided to create a common information database, to analyze the condition of the food security of the BRIC countries and to exchange agricultural technologies. An exchange of information about the possible speculative attacks on the hard-currency, stock and raw-materials markets has already been launched. Besides, the four countries actively cooperate within the United Nations framework. And the co-authorship of the four states in the resolutions of the UN General Assembly to prevent the deployment of arms in space offers proof of this.   

Dmitry Medvedev is sure that the cooperation of Brazil, Russia, India, and China has a huge potential. Their interaction has just begun but a solid basis for the dialogue in the BRIC format has already been created - partnership relations of mutual benefit, tested by time, give us hope that that the BRIC forum, aimed at common good, will be a success.

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