(VOVworld)- The BRICS summit is underway in the Russian city of Ufa, in parallel with the Shanghai Cooperation Organization (SCO) summit. Both summits will conclude on Friday, July 10. Amidst tensions between Russia and the West, the summits create an opportunity for Russia which presides over the two major economic organizations - to seek support from other countries in dealing with the Ukraine problem and promote its own leadership role.

20 leaders of 20 BRICS member countries and the Shanghai Cooperation Organization and guests from the Commonwealth of Independent States are attending the summit. Bilateral and multilateral meetings within the summit framework will focus on strengthening economic cooperation and creating a comprehensive development mechanism to boost foreign reserves and minimize losses caused by external events.

BRICS namely Brazil, Russia, India, China and South Africa - was set up in 2006 under Russia’s initiative and has had a steadily growing influence on the world’s policies and economy.

BRICS development

BRICS now accounts for 26% of the world’s land area, 42% of the world’s population and 27% of global GDP and is the world’s fastest growing market with a value of 500 billion USD annually. The Shanghai Cooperation Organization with its 6 members and 5 observers is a new fast-growing bloc in the East. The World Bank forecasts that by 2025, the list of the world’s largest economies will change considerably. Total global GDP is about 100 trillion USD, to which the 10 leading nations contribute 60%, 3 of the 5 BRICS members are among these 10 nations. According to the UN, BRICS member countries and the SCO will challenge the G7 group economically and politically in the next 30 years. The US and the West have not paid a lot of attention to the two blocs’ economic and political development. Because of its members’ rapid growth and great economic and political potential the bloc has emerged as a competitive alliance.

BRICS is promoting cooperation and constructive dialogues to harmonize the benefits of its members and expand its influence. The GDP of the 5 BRICS members in 2014 was equivalent to that of the US. The bloc has steadily expanded cooperation in science, technology and climate change.

Russia’s guiding role

Assuming the Presidency of BRICS on January 1, 2015, Russia declared it wanted to diversify the bloc’s activities. Russia wants to establish a harmonious world order in global financial, economic and security systems. At this summit, BRICS members will discuss economic and trade exchanges and the establishment of a New Development Bank with total capital of 100 billion USD and put its Common Foreign Reserves Fund into operation. The new bank will provide funding for infrastructure projects and ensure the bloc’s sustainable growth. Once it comes into operation, the new bank will challenge the role of the World Bank and the International Monetary Fund and become one of the world’s key credit organizations. International security issues including Syria’s crisis, Iran’s problems, the Middle East peace process, Ukraine, Greece and IS will be high on the agenda of the summit.

Relations between Russia and the West are tense. Russia’s acting chairmanship of BRICS is creating an opportunity to advance its leadership. As India and China continue to emerge, BRICS will play a bigger and bigger role in a new multi-polar world.