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Colleagues, friends,

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To begin with, just like the other participants in this meeting,

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I would like to express gratitude to President Xi Jinping for bringing 

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us together at this wonderful place where he had worked for many years 

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to contribute to the development of this city and region.

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I believe that all of us have enjoyed visiting yet another wonderful 

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province in China, which has been developing so rapidly 

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and looks so wonderful.

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Relations between the BRICS countries have developed to the point 

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of comprehensive partnership over the past few years.

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We have been working together to find answers to the biggest threats 

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and challenges to peace and stability.

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Our countries come together to address vital socioeconomic issues,

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or more precisely, to modernise national industries,

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develop high technologies, promote competition and improve 

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the living standards of our people.

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It is gratifying that these issues have added to the priorities 

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of China’s chairmanship this year.

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I would like to thank our Chinese friends for their hard work 

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to diversify and build up practical cooperation between the BRICS 

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countries and for their commitment to the principles of continuity 

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and sustainability in the work of all BRICS agencies.

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I am convinced that the implementation of the initiatives put forth 

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by our Chinese colleagues will contribute to the further 

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development of cooperation within BRICS.

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Colleagues, one of the key items on the agenda of today’s meeting has 

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to do with adding momentum to the operations of the New 

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Development Bank (NDB).

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A number of major investment projects have been prepared for the NDB,

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and three of them will shortly be launched in the Russian Federation.

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These projects consist of initiatives designed to improve 

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the judiciary, build a motorway near Ufa,

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which by the way hosted the BRICS Summit two years ago,

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as well as modernise water systems in cities along the Volga River.

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I believe in the importance of this year’s decision to establish 

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a technical assistance fund for preparing projects within the NDB.

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The NDB’s immediate tasks include obtaining an international credit 

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rating, which will enable it to issue securities 

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in the five participating countries.

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In addition, there is also a need to move forward with lending 

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in the national currencies of the BRICS countries.

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Efforts to promote the BRICS contingent reserve arrangement and step up 

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sharing of macroeconomic information have also gained considerable 

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momentum, which is also important.

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We need to fast-track agreements to establish a BRICS bond fund 

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and promote the integration of our capital markets.

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We are grateful to our Chinese colleagues for preparing a detailed 

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report on the progress achieved by our countries in implementing 

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the BRICS economic partnership strategy that was adopted during 

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Russia’s BRICS Presidency in 2015.

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It is time to adapt the strategy to today’s economic 

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realities and set new and ambitious goals.

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We believe that these efforts should be aimed at promoting barrier-free 

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online trade, as has already been mentioned by our colleagues,

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supporting SMEs, and enhancing the efficiency 

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of public-private partnerships.

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The five BRICS countries should also step up their energy dialogue.

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To this effect, Russia proposes creating a BRICS platform for energy 

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research, which could help promote industry, analytical,

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academic exchanges, and data sharing.

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It would also be advisable to develop joint measures for ensuring fair 

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competition across the BRICS space.

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We hope that our partners will also support Russia’s 

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initiatives on female entrepreneurship.

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Our countries could be effective in working together 

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on space exploration.

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For example, we could agree on creating a remote sensing satellite 

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system in order to monitor climate change,

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protect the environment and provide natural disaster response.

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Cooperation between the BRICS countries in healthcare is 

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certainly useful. We need to create a firm legal framework within BRICS 

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on international information security and consider the possibility 

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of launching cooperation between our media,

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including the creation of a BRICS television network to promote 

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objective coverage of our activities.

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We should continue to strengthen our cultural ties and redouble efforts 

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to implement the agreement on cooperation in culture 

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and sports, as Mr Zuma has said.

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This agreement was signed on the sidelines of our summit in Ufa.

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I am pleased that a Russian film won the Best Director 

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Award at the BRICS film festival.

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This is a film about the heroism of our people during 

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the Great Patriotic War, during World War II.

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We will be happy to see performers from the BRICS countries at popular 

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international music contests that are held in Russia.

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Another major achievement of our five countries is the creation 

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of the BRICS Network University,

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which unites over 50 leading universities from our countries.

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President Xi Jinping has pointed out positive trends 

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in the South African economy.

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In conclusion, I would like to say in this connection that Russia is 

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deepening cooperation with its BRICS partners alongside its 

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efforts to overcome an economic crisis.

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Our economy has resumed growth.

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It is not as impressive as in India or China,

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yet we are satisfied to report economic growth of over 2 percent.

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We have brought down inflation to a record low of 3.

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5 percent, and expect the inflation rate to be 3.7–

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3.8 percent by the end of the year.

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Investment in fixed assets, both internal and external investment,

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has increased by some 4 percent.

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We can also report the growth of our trade,

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which reached 25 percent in the first half of the year,

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excluding the oil and gas sector.

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The unemployment level is at a historical low of some 5 percent.

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The Central Bank’s gold and currency reserves are growing.

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Industrial production has reported a sustainable growth of 2.

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6 percent, and the growth rate is even higher 

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in the agriculture industry.

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Colleagues, I believe that our joint work,

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which is designed to integrate our economic efforts towards not only 

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economic growth but also the wellbeing of our people,

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is a vital factor of our common development and should encourage us 

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to further strengthen our cooperation.

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Thank you for your attention.