BRICS economic group holds expanded talks on day 2 of summit in Russia

Russian President Vladimir Putin proposes creating new BRICS investment platform to help provide resources to countries in Global South, East

The BRICS economic group on Wednesday held expanded-format talks during the bloc’s 16th summit in the Russian city of Kazan. The expanded meeting, chaired by Russian President Vladimir Putin, follows an earlier meeting held in a narrow format with the participation of longtime members Brazil, Russia, India, China, and South Africa – the source of the group’s name. The meeting was also attended by the leaders of recent additions Egypt, Ethiopia, Iran, and the United Arab Emirates, four countries that officially joined BRICS in January. Among the bloc's members, only Brazil is represented at the level of foreign minister, with President Luiz Inacio Lula da Silva, unable to travel due to an injury, participating via videoconference. In his address at the expanded talks, Putin proposed the creation of a new BRICS investment platform to support national economies and countries of the Global South and East. Putin also proposed launching a special mechanism for consultations among BRICS countries on issues related to the World Trade Organization, adding that the creation of a BRICS grain exchange will help protect national markets from "negative external influence." The three-day summit, which began on Tuesday, will continue until Thursday. Arriving on Wednesday, Turkish President Recep Tayyip Erdogan is set to attend as a guest, along with a meeting on the summit’s sidelines with Putin.