Penalties hurt the global economy, and therefore should strengthen the interaction of the BRICS countries, said the Prime Minister of India Narendra modi.
"The European Union faces major challenges, the situation on the financial markets are volatile, and penalties hurt the global economy. It is very important to strengthen cooperation between the BRICS countries, " he said, speaking at the meeting of the heads of States of BRICS Business Council members.
in Ufa 8-10 July at the same time are the BRICS and the SCO. This year Russia presides in both these organizations.
Relations between Russia and the West deteriorated in connection with the situation in Ukraine. EU countries, USA and Canada in the spring of the past year have introduced against Russia 1st batch of sentences, then it was expanded. In response, Russia in the last month of summer 2014 has imposed retaliatory punishment which has spread to the products of the agricultural sector from the USA, EU, Canada, Australia and Norway.
in 2006, the Russian Federation had spoken with the proposal of creation of BRIC - a new global forum uniting Brazil, Russia, India and China. In accession to BRIC South Africa in the early winter of 2010, the group was renamed BRICS (BRICS). Read more
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