MOSCOW: Russian President Vladimir Putin stated on Friday that the BRICS group will drive much of the global economic growth in the coming years due to its size and relatively rapid growth compared to developed Western nations.
Putin aims to strengthen BRICS—now expanded to include Egypt, Ethiopia, and Iran alongside Brazil, Russia, India, China, and South Africa—as a formidable counterbalance to the West in global politics and trade.
He is set to host a BRICS summit in Kazan, Russia, from October 22-24. During a business forum in Moscow, Putin emphasized that “the countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will account for the main increase in global GDP.” He added that the economic growth of BRICS members will increasingly rely less on external influences, which he referred to as “economic sovereignty.”
The upcoming summit is being promoted by Moscow as a demonstration that Western efforts to isolate Russia over its actions in Ukraine have been unsuccessful. Russia seeks collaboration from other countries to reform the global financial system and reduce the dominance of the US dollar.
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Leaders from China and India have confirmed their attendance at the summit in Kazan. Putin reiterated Russia’s vision for BRICS initiatives, including a joint cross-border payments system and the establishment of a reinsurance company.
He called on the New Development Bank, BRICS’ only functioning multilateral development institution, to focus on investments in technology and infrastructure across the Global South.
“As a development institution, the bank already serves as an alternative to many Western financial mechanisms, and we will naturally continue to develop it,” Putin stated, advocating for increased investment in e-commerce and artificial intelligence.
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Moreover, Putin highlighted Russia’s new transport megaprojects, such as the Arctic Sea Route and the North-to-South corridor, which would connect Russia to the Gulf and Indian Ocean through the Caspian Sea and Iran. “It is key to enhancing freight transportation between the Eurasian and African continents,” he noted.
