MOSCOW (Reuters) -Russian President Vladimir Putin stated that the BRICS group will account for the majority of global economic growth in the upcoming years. He emphasized that BRICS’s size and relatively rapid growth outpace developed Western nations. #BRICSGlobalEconomicGrowth
Putin aims to strengthen BRICS, which now includes Egypt, Ethiopia, Iran, and the United Arab Emirates, alongside Brazil, Russia, India, China, and South Africa. He views the group as a significant counterbalance to Western influence in global trade and politics.
The Kremlin has announced that Putin will host a BRICS summit in Kazan, Russia, from October 22 to 24.
“The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” Putin told officials and businessmen at BRICS business forum in Moscow.
“The economic growth of BRICS members will increasingly depend less on external influence or interference. This is essentially economic sovereignty,” Putin added.
Moscow is showcasing next week’s summit as proof that Western attempts to isolate Russia due to its actions in Ukraine have failed.
Russia aims to collaborate with other nations to reform the global financial system and reduce the U.S. dollar’s dominance.
On Friday, China, India, and the UAE confirmed that their leaders will attend the summit in Kazan.
‘DOORS ARE OPEN’
Putin announced that 30 countries worldwide have shown interest in collaborating with the BRICS group. Next week’s summit will explore options for expanding the group’s membership.
“The doors are open, we are not barring anyone,” Putin told reporters from BRICS countries .
He highlighted initiatives that Russia has proposed, such as a joint cross-border payments system and a reinsurance company.
Additionally, Putin mentioned that BRICS members are developing a SWIFT-like financial messaging system resistant to Western sanctions. They also aim to use national digital currencies for financing high-potential investment projects both within and outside BRICS. #BRICSGlobalEconomicGrowth
He emphasized that Russia’s financial initiatives will focus on using national currencies, stating that discussions about a single BRICS currency are “premature.”
Emerging Alliances: The Rise of BRICS in Global Economic Power
Furthermore, Putin highlighted the recent interest from numerous countries seeking collaboration with BRICS. This growing interest indicates a shift in global power dynamics, challenging the dominance of Western economies. Consequently, BRICS global economic growth is becoming a focal point for many nations eager to participate.
