Russian President Vladimir Putin said trade among BRICS countries had reached $1.2 trillion, highlighting the group’s weight in the global economy.
Speaking Sunday at a BRICS Outreach meeting in New Delhi, Putin said population growth in BRICS countries was increasing each year, domestic markets were gaining strength and infrastructure was being developed across various sectors.
Putin said BRICS countries account for about a quarter of global exports and drive 49 percent of global gross domestic product.
New areas for economic cooperation
Putin said BRICS’ development potential had not yet been exhausted. He said the complementary structure of member countries’ economies was one of the main elements of this potential that remained underused.
Putin noted that differences in economic structures and areas of specialization offered broad opportunities for cooperation on new production chains, technologies, services and markets. He also proposed creating a joint BRICS growth platform.
Putin highlights a multipolar order
Putin said global interest in BRICS activities was growing and that the group’s values and ideals were attracting the attention of broader sections of society. According to Putin, BRICS advocates equal and unrestricted opportunities for all countries to achieve social and economic growth.
The Russian president said BRICS was also making an active contribution to the formation of a fairer and more multipolar world order.