I would like to point out that on Russia's initiative a BRICS Strategy for Economic Partnership was adopted at the Ufa Summit in 2015 and is being successfully implemented. We hope to be able to discuss new large-scale cooperation tasks in trade and investment and industrial cooperation at the Xiamen Summit.
Russia is interested in promoting economic cooperation within the BRICS format. Considerable practical achievements have been recently reported in this area, primarily the launch of the New Development Bank (NDB). It has approved seven investment projects in the BRICS countries worth around $1.5 billion. This year, the NDB is to approve a second package of investment projects worth $2.5-$3 billion in total. I am convinced that their implementation will not only be a boost to our economies but will also promote integration between our countries.
Russia shares the BRICS countries' concerns over the unfairness of the global financial and economic architecture, which does not give due regard to the growing weight of the emerging economies. We are ready to work together with our partners to promote international financial regulation reforms and to overcome the excessive domination of the limited number of reserve currencies. We will also work towards a more balanced distribution of quotas and voting shares within the IMF and the World Bank.
I am confident that the BRICS countries will continue to act in a consolidated manner against protectionism and new barriers in global trade. We value the BRICS countries' consensus on this issue, which allows us to more consistently advocate the foundations of an open, equal and mutually beneficial multilateral trade system and to strengthen the role of the WTO as the key regulator in international trade.
Russia's initiative on the development of cooperation among the BRICS countries' antimonopoly agencies is aimed at creating effective mechanisms to encourage healthy competition. The goal is to create a package of cooperation measures to work against the restrictive business practices of large multinational corporations and trans-border violations of competition rules.
I would like to draw your attention to Russia's initiative on the establishment of a BRICS Energy Research Platform. We believe that this would enable us to coordinate our information, analysis and research activities in the interests of the five BRICS countries and would ultimately facilitate the implementation of joint energy investment projects.
Another priority is to build up our cooperation in the area of small and medium-sized enterprises (SME). We believe that we should integrate the national SMEs' online resources for placing crosslinks and other commercial information and for exchanging data on reliable partners.
Russia is advocating the Women and the Economy public-private dialogue. This initiative provides for holding regular debates by members of the BRICS countries' business and expert communities, women's associations and government agencies. The first such meeting was held in Novosibirsk on July 4, 2017, on the sidelines of the First International Women's Congress of the SCO and BRICS Member States. Another related idea is to create a BRICS Women's Business Club as a network of professional interaction between women in business through a specialised online information resource.
Our other priorities include cooperation in science, technology, innovations and cutting-edge medicine. Our countries have a big potential in this respect that comprises a solid and mutually complementary research base, unique technical achievements, skilled personnel and huge markets for science-intensive products. We propose discussing at the upcoming summit a package of measures to reduce the threat of infectious diseases and to create new medicines to prevent and fight epidemics.
I believe our cooperation in the humanitarian sphere has excellent prospects. While working to implement the BRICS Intergovernmental Agreement on Cooperation in the Field of Culture, we hope that our partners will take part in the New Wave and New Wave Junior international contests of young pop singers. We have also advanced the initiative to create a joint television network of the BRICS countries.
Russia stands for strengthening the BRICS countries' partnership in politics, the economy, culture and other areas. We are ready to continue working jointly with our colleagues to promote democracy and to strengthen the healthy elements of international relations based firmly on international law. I am convinced that the Xiamen Summit will help invigorate our countries' efforts towards finding solutions to the challenges of the 21st century and will propel cooperation within BRICS to a higher level.
I wholeheartedly wish health and success to Xinhuanet netizens and to all people in the BRICS countries.