14th BRICS Summit significant for global stability, official says

MOSCOW, June 26 (Xinhua) -- The recently concluded 14th BRICS Summit was relevant to maintaining global stability and ensuring sustainable development, Russian Deputy Minister of Industry and Trade Alexei Gruzdev has said.

The summit, held under the theme of "Foster High-quality BRICS Partnership, Usher in a New Era for Global Development," is more relevant now than ever before, Gruzdev told Xinhua.

Given the transnational nature of present-day challenges, Gruzdev said it is necessary for the world's leading economies, including BRICS countries, to closely coordinate on global stability and sustainable development.

It is essential to strengthen the BRICS Partnership on New Industrial Revolution (PartNIR), Gruzdev noted.

"The PartNIR is aimed at expanding and deepening the practical cooperation of BRICS countries in the industrial sector. The Russian delegation consisting of government and business representatives participates in the PartNIR forum annually. The forum has proven to be a good platform for strengthening business-to-government ties," he said.

Cooperation within the BRICS framework has been developing year by year, and the potential for expanding mutually beneficial cooperation is enormous, Gruzdev stressed.

Together, the bloc continues to occupy a growing portion of global GDP, he said, adding that trade among BRICS countries still sustained growth last year despite headwinds.

As the global economic recovery is faced with grave challenges, "BRICS can become a bulwark of stability and a locomotive for a new configuration of the world economy," Gruzdev said.

Gruzdev said he expects BRICS countries to promote economic integration and trade based on equality and respect for common interests.