Round Table of the Working Group "Sovereign Economic and Financial Development" of the BRICS Civil Forum Was Held in Moscow

On March 29, HSE University in Moscow hosted a meeting of the working group focused on Sovereign Economic and Financial Development within the BRICS Civil Forum. Nikolai Ostarkov, Co-Chair of the working group representing Russia, moderated the event.

The round table brought together prominent Russian economists and members of the academic community to deliberate on the group's upcoming agenda and key focus areas. The event encompassed discussions on proposals from the Russian side, aimed at shaping the stance papers of the BRICS Civil Forum. These papers are slated for further international deliberation, involving representatives from all member states.

Victoria Panova, Vice-Rector at HSE University, Head of the BRICS Expert Council – Russia, and Co-Chair of the BRICS Civil Forum, took part in the event. In her opening remarks, she provided insights into the evolution of the Civil BRICS, emphasizing the importance of sustaining its activities beyond the current Russian chairship. She stressed that ongoing engagement within the civil track should become a continuous process benefiting Russian society in the long run.

"Various issues concerning economic development and the monetary and financial system can become the cornerstone of the Russian chairship's contribution to the BRICS agenda. The BRICS Civil Track should also prioritize effectively integrating new member states into all formats of collaboration as swiftly as possible," said Victoria Panova.

The Co-Chair of the Sovereign Economic and Financial Development Group outlined the primary conceptual areas of activity proposed for foreign participants from the BRICS countries. The key issues raised by Nikolai Ostarkov included sustainable development challenges, proliferation of ESG risks, economic repercussions and risks stemming from the dollar's monopoly in the global financial system, the potential creation of a BRICS currency, and the risk of digital platform and internet collapse due to exponential transaction growth.

During the meeting, participants worked out an interaction format among working group members and discussed fundamental approaches to developing Russian proposals for the stance papers under the BRICS Civil Track. Additionally, they put forth proposals regarding the true meaning of "sustainable development" and deliberated on incorporating environmental agenda into final documents, acknowledging the importance of objective assessments by the institutions of the BRICS states. Other notable topics covered issues related to the governance of global processes, the development of secure digital payment systems to thwart unauthorized access attempts and external pressures, and others.

Follow-up discussions will continue at the national level in face-to-face and online formats and will subsequently involve representatives from the BRICS states.