Putin announced: "BRICS is growing"

"BRICS already plays a significant role in the global economy not only today, but it is quite obvious that this role will only expand in the future," Putin said during a speech at the BRICS business forum, RIA Novosti reports.

He pointed out that the economic growth of the BRICS countries will depend less and less on external influence or attempts to interfere in the future and added that the countries of the association are the drivers of the global economic rise and it is in them that the main growth of the global GDP will be generated in the coming years.

"In the future, the economic growth of the BRICS members will depend less and less on external influence or interference. It is essentially economic sovereignty - a partnership of self-sufficient economies that greatly increases their potential and opens up new opportunities," Putin said.

He stated that the total GDP of the BRICS countries exceeds the indicators of the G7 countries and continues to grow.

"The total GDP of the association is more than 60 trillion dollars, and the total share in the world gross product reliably exceeds the figure of the so-called 'Group of Seven' and continues to grow," Putin said.

He recalled that in 1992, the share of the G7 in world GDP was 45.5 percent, and the BRICS countries' share was 16.7 percent.

"Now, in 2023, the share of our association is 37.4 percent, and the Group of Seven is 29.3 percent, and the gap is increasing and that is inevitable," said the Russian president.

According to him, the new BRICS development bank is an alternative to Western development mechanisms and has an important role in strengthening financial cooperation.

"It is a good, powerful and efficient structure that has a solid capital base and a team of experienced experts. As a development institution, the bank is already an alternative to a significant number of Western financial mechanisms and we will, of course, develop it, not opposing anyone, it is just independent structure, we will expand its capabilities," Putin stressed.

He added that the new bank should become one of the main investors in the largest technological and infrastructure projects in the BRICS area and in the global south as a whole.

According to him, one of the main issues related to the strengthening of business partnerships within BRICS is the increase in transport connectivity, that is, the creation of new freight highways and corridors that are demanded by the economy, as well as modern intermodal logistics schemes.

Putin assessed that realizing the potential of BRICS will bring the maximum benefit to the members of the association, to business, as well as to the citizens of the participating countries.

"I am convinced that realizing the BRICS potential, especially based on its large population and powerful resource base, will bring maximum benefits to our countries, businesses and all our citizens," Putin concluded.

On January 1, Russia assumed the presidency of BRICS, an interstate association founded in 2006. In addition to Russia, Brazil, India, China and South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates and Saudi Arabia joined the organization on January 1 of this year.

The Russian BRICS presidency is held under the motto of strengthening multilateralism for equitable global development and security.

As part of its presidency, the Russian Federation organizes more than 200 political, economic and social events.

The summit of the association will be held in Kazan from October 22 to 24.