"So far, BRICS does not have its own institutional parliamentary structure. But I believe that this idea will definitely be realized in the future," he said in his address at the bloc's tenth parliamentary forum here, RT reported. "

He also said that events such as the group's parliamentary forum strengthen BRICS' influence on global affairs and help "make the world safer and more harmonious".

The Russian President said that, by working together, the recently expanded grouping will be able to unlock its potential in economic, investment and technology cooperation.

He said the group's priorities included achieving "positive transformation" in the world economy through the development of reliable financial instruments for settlement of payments within BRICS.

Noting that the number of participants has increased this year, he said Russia, as the group's current chair, will accelerate efforts to ensure that the bloc's four new members are welcomed upon their joining at the beginning of this year. After being integrated effectively.

BRICS was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011. The group expanded this year when Egypt, Ethiopia, Iran and the United Arab Emirates became full members.