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BRICS Summit


Vladimir Putin took part in a meeting of the BRICS leaders that was held within the framework of the two-day BRICS summit in Xiamen, China.
September 4, 2017
07:45
Xiamen






Participants in the BRICS summit.

President of Russia Vladimir Putin, President of China Xi Jinping, President of Brazil Michel Temer, Prime Minister of India Narendra Modi and President of South Africa Jacob Zuma met in a restricted format before their delegations joined the consultations.

The discussion focused on the global economy and global economic management, international and regional conflicts, national security and development issues.

The BRICS Leaders’ Xiamen Declaration was adopted following the meeting.

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Speech at the BRICS leaders' meeting inthe extended format

President of Russia Vladimir Putin: Colleagues, friends,

To begin with, just like the other participants in this meeting, I would like to express gratitude to President Xi Jinping for bringing us together at this wonderful place where he had worked for many years to contribute to the development of this city and region. I believe that all of us have enjoyed visiting yet another wonderful province in China, which has been developing so rapidly and looks so wonderful.

Relations between the BRICS countries have developed to the point of comprehensive partnership over the past few years. We have been working together to find answers to the biggest threats and challenges to peace and stability. Our countries come together to address vital socioeconomic issues, or more precisely, to modernise national industries, develop high technologies, promote competition and improve the living standards of our people.

It is gratifying that these issues have added to the priorities of China’s chairmanship this year. I would like to thank our Chinese friends for their hard work to diversify and build up practical cooperation between the BRICS countries and for their commitment to the principles of continuity and sustainability in the work of all BRICS agencies. I am convinced that the implementation of the initiatives put forth by our Chinese colleagues will contribute to the further development of cooperation within BRICS.

Colleagues, one of the key items on the agenda of today’s meeting has to do with adding momentum to the operations of the New Development Bank (NDB). A number of major investment projects have been prepared for the NDB, and three of them will shortly be launched in the Russian Federation.

These projects consist of initiatives designed to improve the judiciary, build a motorway near Ufa, which by the way hosted the BRICS Summit two years ago, as well as modernise water systems in cities along the Volga River.

I believe in the importance of this year’s decision to establish a technical assistance fund for preparing projects within the NDB. The NDB’s immediate tasks include obtaining an international credit rating, which will enable it to issue securities in the five participating countries. In addition, there is also a need to move forward with lending in the national currencies of the BRICS countries.

Efforts to promote the BRICS contingent reserve arrangement and step up sharing of macroeconomic information have also gained considerable momentum, which is also important. We need to fast-track agreements to establish a BRICS bond fund and promote the integration of our capital markets.

We are grateful to our Chinese colleagues for preparing a detailed report on the progress achieved by our countries in implementing the BRICS economic partnership strategy that was adopted during Russia’s BRICS Presidency in 2015. It is time to adapt the strategy to today’s economic realities and set new and ambitious goals.

We believe that these efforts should be aimed at promoting barrier-free online trade, as has already been mentioned by our colleagues, supporting SMEs, and enhancing the efficiency of public-private partnerships.

The five BRICS countries should also step up their energy dialogue. To this effect, Russia proposes creating a BRICS platform for energy research, which could help promote industry, analytical, academic exchanges, and data sharing.

It would also be advisable to develop joint measures for ensuring fair competition across the BRICS space. We hope that our partners will also support Russia’s initiatives on female entrepreneurship.

Our countries could be effective in working together on space exploration. For example, we could agree on creating a remote sensing satellite system in order to monitor climate change, protect the environment and provide natural disaster response.

Cooperation between the BRICS countries in healthcare is certainly useful. We need to create a firm legal framework within BRICS on international information security and consider the possibility of launching cooperation between our media, including the creation of a BRICS television network to promote objective coverage of our activities.

We should continue to strengthen our cultural ties and redouble efforts to implement the agreement on cooperation in culture and sports, as Mr Zuma has said. This agreement was signed on the sidelines of our summit in Ufa.

I am pleased that a Russian film won the Best Director Award at the BRICS film festival. This is a film about the heroism of our people during the Great Patriotic War, during World War II.

We will be happy to see performers from the BRICS countries at popular international music contests that are held in Russia.

Another major achievement of our five countries is the creation of the BRICS Network University, which unites over 50 leading universities from our countries.

President Xi Jinping has pointed out positive trends in the South African economy. In conclusion, I would like to say in this connection that Russia is deepening cooperation with its BRICS partners alongside its efforts to overcome an economic crisis.

Our economy has resumed growth. It is not as impressive as in India or China, yet we are satisfied to report economic growth of over 2 percent.

We have brought down inflation to a record low of 3.5 percent, and expect the inflation rate to be 3.7–3.8 percent by the end of the year.

Investment in fixed assets, both internal and external investment, has increased by some 4 percent. We can also report the growth of our trade, which reached 25 percent in the first half of the year, excluding the oil and gas sector.

The unemployment level is at a historical low of some 5 percent. The Central Bank’s gold and currency reserves are growing. Industrial production has reported a sustainable growth of 2.6 percent, and the growth rate is even higher in the agriculture industry.

Colleagues, I believe that our joint work, which is designed to integrate our economic efforts towards not only economic growth but also the wellbeing of our people, is a vital factor of our common development and should encourage us to further strengthen our cooperation.

Thank you for your attention.

Reception hosted by Chinese President for BRICS leaders


The first day of the BRICS summit ended with a reception hosted by President of the People’s Republic of China Xi Jinping for the BRICS leaders and heads of delegations of invited states.
September 4, 2017
15:15
Xiamen





President of South Africa Jacob Zuma, Vladimir Putin, President of China Xi Jinping and his spouse Peng Liyuan before the reception hosted by Chairman Xi Jinping for the BRICS leaders and heads of delegations of invited states.

The leaders of Guinea, Egypt, Mexico, Tajikistan and Thailand were invited to this year’s BRICS summit as part of the outreach format.

The reception began with an address by Xi Jinping and was followed by a gala concert.

Meeting with BRICS Business Council members


Together with the other BRICS leaders, Vladimir Putin took part in a meeting with members of the BRICS Business Council.
September 4, 2017
13:40
Xiamen


Meeting with BRICS Business Council members.

The BRICS Business Council is the main mechanism for developing business cooperation between the BRICS countries. It is made up of five representatives from each country. In 2016–2018, Russia is represented in the Council by President of Russian Railways Oleg Belozerov, Chairman of Vnesheconombank Sergei Gorkov, General Director of the Russian Direct Investment Fund (RDIF) Kirill Dmitriyev, General Director of State Corporation Rostec Sergei Chemezov, and President of the Russian Chamber of Commerce and Industry Sergei Katyrin.

The BRICS Business Council’s purpose is to identify problem areas and difficulties holding back the growth of economic, trade, business and investment ties between the BRICS countries and formulate proposals and recommendations for their solution. The Council drafts an annual activity report, which it presents to the BRICS leaders during the traditional annual meetings with the Business Council on the sidelines of the group’s summits.

Following the meeting, the BRICS leaders witnessed the signing of a package of documents on cooperation within the group.

The event saw the signing of the BRICS Action Plan on Trade and Economic Cooperation and the BRICS Investment Cooperation Plan for 2017–2020.

Also signed were the Strategic Programme for BRICS Customs Cooperation and a Memorandum of Understanding between the BRICS Business Council and the New Development Bank on Strategic Cooperation.

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President of Russia Vladimir Putin: Colleagues, ladies and gentlemen,

Direct dialogue between the leaders of the BRICS five with the business community is essential for the opportunity it gives us to discuss in substance important economic cooperation matters. We have already achieved visible results in this area. Over the years since the group’s establishment, trade between the BRICS countries has increased by more than 50 percent and came to $235 billion in 2016. For your information, I can say that Russia’s trade with its BRICS group partners came to $79 billion.

Our countries have a major task before us now, that of taking joint efforts to give a new boost to developing mutual exchanges not only in trade but also in investment, finance, science and technology.

I would like to note the pro-active contribution the Business Council has made to implementing the BRICS Economic Partnership Strategy adopted at the summit in Ufa during Russia’s Presidency in 2015.

It is good to see that the business community maintains active contacts with the governments in the five countries on removing barriers of various kinds that hamper our economic and investment cooperation and on simplifying trade and interbank cooperation. Undoubtedly, the signing of the cooperation agreement between the Business Council and the New Development Bank will mark a practical step forward in strengthening the business community’s role within the BRICS group. I hope that the Business Council will take part in developing the bank’s loan portfolio and preparing mutually advantageous projects for implementation in our countries.

Also important for business is the decision to establish at the New Development Bank a Fund for Technical Assistance in Project Preparation. The Bank is working in Russia together with the Russian Direct Investment Fund on financing construction of small hydroelectric power stations for a total value of $100 million.

The decision has been taken to finance another three important initiatives. One is a project to develop Russia’s judicial system by building new courtrooms and introducing advanced information technology. Another project is to build roads around Ufa, where the BRICS summit took place two years ago, and then there is a programme to modernise water systems in towns along the Volga River.

Russian Railways plans to sign an agreement with the Bank on financing the construction of a high-speed railway line between Moscow and Kazan, which will become an integral part of the greater Eurasian transport corridor.

We are expanding our interregional business cooperation within the BRICS group. Today, on the sidelines of this forum, a presentation of the Russian regions’ investment opportunities took place.

I would also like to draw the Business Council’s attention to the issue of developing the digital economy – another important area of cooperation between the BRICS countries. My colleague from South Africa spoke about this. Digitalisation is one of the drivers of global growth today and plays a big part in increasing labour productivity and improving people’s living standards.

New technological solutions should help us to find markets in the BRICS countries not only for large companies but also for small and medium business. In this respect, Russia proposed to its partners that we establish cooperation between national internet resources in small business and organise information exchange on goods and services on offer and on reliable suppliers and partners. No one knows better than businesses that to create a comfortable business environment, we need to ensure fair competition.

I believe that the Business Council will support another Russian initiative too, that of drafting common BRICS rules for cooperation on preventing restrictive business practices and trans-border violations of competition rules.

We also hope for business support in the practical implementation of Russia’s idea to launch a public-private dialogue within BRICS on Women and the Economy. The first meeting in this format took place with success on the sidelines of the BRICS and Shanghai Cooperation Organisation International Women’s Congress in July this year in Russia. We are now examining the matter of establishing a BRICS women’s business association for professional contacts between female entrepreneurs.

In conclusion, I would like to reiterate that I am certain that through joint efforts between business and the state authorities, we can make fuller and more effective use of the opportunities the BRICS group offers and find new sources for dynamic development in the interests of our countries and peoples.

Thank you for your attention.

BRICS Leaders Xiamen DeclarationXiamen, China, 4 September 2017

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