Russia assumed chairmanship of BRICS , reported RT. BRICS is an economic block comprising five major economies (Brazil, Russia, India, China and South Africa ) which,together,are estimated to constitute 30 percent of global GDP.
BRICS is working towards fostering financial institution that could be an alternative to the erstwhile powerful Bretton woods institution – IMF- which dominated the world for more than half a century.
BRICS Summit is scheduled to take place between July 8-9 in Southern Russian town of Ufa
President Vladmit Putin vowed “Russia’s Presidency is committed to taking the BRICS partnership to a new, higher level”