05:01Russian Foreign Minister Sergei Lavrov said during a meeting of the BRICS ministerial council in New Delhi on Friday that the bloc serves as a "rallying point for forces advocating fairer, multipolar world order".
"In order to ensure stability in the context of global instability, we believe it is necessary to focus our co-operation on practical projects that have a direct projection on progressive economic development and ensuring the well-being of our peoples," he stated.
Lavrov also said that there is a "significant gap between the real distribution of global economic potential and the level of representation of the countries of the world's majority in global governance," adding that key institutions had been "formed under a completely different balance of power".
"The world financial system must be transparent and non-discriminatory, providing all participants with equal access to opportunities and tools," the foreign minister stressed.
"It is unacceptable when the so-called G7, which accounts for less than a third of world production, continues to determine the policy and practice of Bretton Woods institutions. And the BRICS states, which give about 40 percent of the global domestic product, have no comparable influence," he continued.
Lavrov visited India from May 13 to 15, where he participated in BRICS plenary sessions on global affairs, sustainable development and co-operation, and held bilateral talks with the foreign ministers of Iran, Thailand, Brazil, Egypt and Malaysia.
'BRICS serves as rallying point for forces advocating fairer world order' - Russian FM Lavrov
Russian Foreign Minister Sergei Lavrov said during a meeting of the BRICS ministerial council in New Delhi on Friday that the bloc serves as a "rallying point for forces advocating fairer, multipolar world order".
"In order to ensure stability in the context of global instability, we believe it is necessary to focus our co-operation on practical projects that have a direct projection on progressive economic development and ensuring the well-being of our peoples," he stated.
Lavrov also said that there is a "significant gap between the real distribution of global economic potential and the level of representation of the countries of the world's majority in global governance," adding that key institutions had been "formed under a completely different balance of power".
"The world financial system must be transparent and non-discriminatory, providing all participants with equal access to opportunities and tools," the foreign minister stressed.
"It is unacceptable when the so-called G7, which accounts for less than a third of world production, continues to determine the policy and practice of Bretton Woods institutions. And the BRICS states, which give about 40 percent of the global domestic product, have no comparable influence," he continued.
Lavrov visited India from May 13 to 15, where he participated in BRICS plenary sessions on global affairs, sustainable development and co-operation, and held bilateral talks with the foreign ministers of Iran, Thailand, Brazil, Egypt and Malaysia.
Russian Foreign Minister Sergei Lavrov said during a meeting of the BRICS ministerial council in New Delhi on Friday that the bloc serves as a "rallying point for forces advocating fairer, multipolar world order".
"In order to ensure stability in the context of global instability, we believe it is necessary to focus our co-operation on practical projects that have a direct projection on progressive economic development and ensuring the well-being of our peoples," he stated.
Lavrov also said that there is a "significant gap between the real distribution of global economic potential and the level of representation of the countries of the world's majority in global governance," adding that key institutions had been "formed under a completely different balance of power".
"The world financial system must be transparent and non-discriminatory, providing all participants with equal access to opportunities and tools," the foreign minister stressed.
"It is unacceptable when the so-called G7, which accounts for less than a third of world production, continues to determine the policy and practice of Bretton Woods institutions. And the BRICS states, which give about 40 percent of the global domestic product, have no comparable influence," he continued.
Lavrov visited India from May 13 to 15, where he participated in BRICS plenary sessions on global affairs, sustainable development and co-operation, and held bilateral talks with the foreign ministers of Iran, Thailand, Brazil, Egypt and Malaysia.