The BRICS nations are not in talks at the moment about adding new members to the group but will discuss it when the parties are ready, Head of BRICS Office at Russia's Ministry of Foreign Affairs Mikhail Kalugin told Sputnik
WASHINGTON (Pakistan Point News / Sputnik - 16th May, 2019) The BRICS nations are not in talks at the moment about adding new members to the group but will discuss it when the parties are ready, Head of BRICS Office at Russia's Ministry of Foreign Affairs Mikhail Kalugin told Sputnik.
"The issue of expansion should be consensual. Five countries must be prepared for this. When they are ready, naturally, this question will begin to be discussed. But now it is not being discussed," Kalugin said on Wednesday about the admission of new members to BRICS.
The BRICS countries want to invest in the development of the five countries' cooperation but must first work out what is possible, he added.
"You can look at the New Development Bank. While it consists of five founders and it intends to invest in the BRICS countries. But it was created with potential to further expand, and lend to other countries in the developing world and emerging economies, but I think that in the coming years we will see some new steps in this direction," Kalugin said.
BRICS is an association of five developing economies - Brazil, Russia, India, China, South Africa � which comprise over one-third of the world's population.
Kalugin spoke at the "Doing Business with the BRICS" Conference organized by the Eurasia Center and the Eurasian Business Coalition.
The seventh annual conference brought together various experts and officials from Brazil, Russia, India, China and South Africa seeking to expand trade, direct investments and business opportunities, as well as open communication.
