Siluanov noted the need to create insurance companies in BRICS.

Within the framework of the BRICS, it is necessary to create their own insurance organizations that could compete with Western companies. Russian Finance Minister Anton Siluanov told reporters on July 4.

According to him, today the main insurance companies are organizations of Western countries, and therefore "additional insurance capacity" should be formed among the participants of the association.

"We need to create our own insurance organizations that could compete adequately, which could help our companies, primarily logistics companies, transportation companies that need to use insurance tools," Siluanov said.

He stressed that a consensus on insurance mechanisms within the framework of the BRICS can be found following the meeting of finance ministers of the countries of the association on Saturday, July 5.

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The trading platform will strengthen the union's position in global trade

Kirill Dmitriev, director of the Russian Direct Investment Fund (RDIF), announced on June 26 that the BRICS countries' domestic trade had reached $1 trillion. According to him, this is a significant milestone confirming the strengthening of economic ties and the growing role of the association in shaping the new architecture of the global economy.