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Strengthening economic cooperation and ties with BRICS countries

Strengthening economic cooperation and ties with BRICS countries

Srđan Mazalica, the deputy head of the SNSD caucus in the National Assembly of Republika Srpska, stated that Srpska should focus on enhancing mutual trade and economic cooperation with BRICS countries to diversify its foreign trade exchange.

“This is important because currently, we rely on the EU for around 80% of our foreign trade, and we feel the effects of any turbulence there, which will only increase,” Mazalica said ahead of the upcoming participation of a Republika Srpska delegation, led by President Milorad Dodik, at the BRICS Summit in Kazan, Russia.

He emphasized the importance of further strengthening the already strong political ties with Russia, China, and other BRICS countries.

“We should hope that we can also be useful to BRICS countries in terms of facilitating their access to European markets. It is important for us now to compensate for the decline in exports of certain products to the EU, such as those from the wood processing industry,” Mazalica noted.

He acknowledged that Srpska, through Bosnia and Herzegovina, cannot secure membership in BRICS due to the pressure from Western powers on the Bosniak and Croat representatives.

“For the same reason, we cannot have a free trade agreement with Russia, as we do with Turkey,” Mazalica explained to Srna.

Over 60 heads of state have been invited to the BRICS Summit in Kazan, Russia, which will take place from October 22 to 24, and UN Secretary-General António Guterres has also confirmed his attendance.

The BRICS group currently consists of 10 countries – Russia, China, India, Brazil, South Africa, Iran, Egypt, Ethiopia, Saudi Arabia, and the United Arab Emirates – with several other nations expressing interest in joining.

The share of BRICS countries in the global economy now surpasses that of the G7, the group of seven most developed countries, and continues to grow.

Source: RTRS

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