Emerging economies assume leadership in multipolar world, and Western debt issues: Main points from Putin’s speech at BRICS
Russian President Vladimir Putin has stated that the BRICS role in global economic affairs will continue to strengthen. For the full article, visit RT.com.
TroibNews 
At the BRICS Summit in Kazan on Wednesday, Russian President Vladimir Putin addressed the gathering of leaders, emphasizing the financial integration of the group and its new development opportunities. He highlighted the increasing significance of the economic coalition while cautioning against the adverse effects of Western sanctions and protectionist measures on the global economy.
Putin introduced several initiatives aimed at enhancing cooperation within the BRICS framework, including a proposal for a grain exchange and a new investment platform.
**Highlights from the Speech**
**Formation of a Multipolar World Order**
During the extended-format BRICS meeting, the Russian president remarked on the substantial shifts occurring in world trade and the global economy. He noted that business activities are progressively moving towards developing markets. “A multipolar model is being formed, which is launching a new wave of growth, primarily due to the countries of the Global South and East – and, naturally, the BRICS countries,” he stated.
**BRICS’ Leading Role**
Putin pointed out that BRICS economies have shown “sufficient stability” due to prudent fiscal and macroeconomic policies. He projected that medium-term growth rates would accelerate, with preliminary estimates indicating an average economic growth of 3.8% for BRICS nations from 2024 to 2025, surpassing the global average of 3.2-3.3%. He predicted that by the end of 2024, the BRICS countries' share of global GDP in terms of purchasing power parity would reach 36.7% and continue to grow, while the G7 economies would hold slightly above 30%. “The trend for the BRICS’ leading role in the global economy will only strengthen,” he added, citing factors like population growth, urbanization, and technological innovations.
**Concerns Over Unilateral Sanctions and Debt Burdens**
Putin cautioned of a potential global crisis stemming from rising debt in developed nations, along with unilateral sanctions and protectionist policies. “These factors are fragmenting international trade and foreign investment, particularly in developing nations,” he warned. He also pointed to the volatility in commodity prices and inflation as concerns that are undermining incomes and profits in many regions, and expressed apprehension about the implications of escalating geopolitical tensions for economic stability worldwide.
**Introduction of a New BRICS Investment Platform**
To harness the growth potential of BRICS economies, Putin advocated for enhanced collaboration across various sectors, including trade, finance, and logistics, along with a significant increase in capital investments. “In this regard, we propose creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies and would also provide financial resources to the countries of the Global South and East,” he explained.
**Proposal for a BRICS Grain Exchange**
The Russian leader suggested establishing a cooperative BRICS grain exchange to alleviate excessive price fluctuations in trade among member nations, highlighting that BRICS countries are major producers of grain and oilseeds. He mentioned that this initiative could extend to other vital commodities like oil and gas, aimed at shielding domestic markets from external disruptions and speculative actions.
**BRICS AI Alliance**
Putin also proposed the creation of a BRICS alliance focused on artificial intelligence to oversee its application and prevent illegal uses. He noted that in Russia, the business sector has adopted a code of ethics regarding AI, which he encouraged BRICS partners and other nations to consider joining.
**Additional Proposals**
The president touched upon enhancing transport connectivity among BRICS nations to generate more trade opportunities. He detailed various initiatives, such as establishing a permanent BRICS logistics platform and opening an electronic communications platform for transport.
He underscored the significance of transitioning the global economy toward low-emission development models, stating that the BRICS climate and sustainable development contact group would work against attempts by some countries to use climate agendas to hinder competition. “We consider the initiatives on the BRICS partnership on carbon markets and the climate research platform to be promising,” Putin concluded.
Thomas Evans contributed to this report for TROIB News
Putin introduced several initiatives aimed at enhancing cooperation within the BRICS framework, including a proposal for a grain exchange and a new investment platform.
**Highlights from the Speech**
**Formation of a Multipolar World Order**
During the extended-format BRICS meeting, the Russian president remarked on the substantial shifts occurring in world trade and the global economy. He noted that business activities are progressively moving towards developing markets. “A multipolar model is being formed, which is launching a new wave of growth, primarily due to the countries of the Global South and East – and, naturally, the BRICS countries,” he stated.
**BRICS’ Leading Role**
Putin pointed out that BRICS economies have shown “sufficient stability” due to prudent fiscal and macroeconomic policies. He projected that medium-term growth rates would accelerate, with preliminary estimates indicating an average economic growth of 3.8% for BRICS nations from 2024 to 2025, surpassing the global average of 3.2-3.3%. He predicted that by the end of 2024, the BRICS countries' share of global GDP in terms of purchasing power parity would reach 36.7% and continue to grow, while the G7 economies would hold slightly above 30%. “The trend for the BRICS’ leading role in the global economy will only strengthen,” he added, citing factors like population growth, urbanization, and technological innovations.
**Concerns Over Unilateral Sanctions and Debt Burdens**
Putin cautioned of a potential global crisis stemming from rising debt in developed nations, along with unilateral sanctions and protectionist policies. “These factors are fragmenting international trade and foreign investment, particularly in developing nations,” he warned. He also pointed to the volatility in commodity prices and inflation as concerns that are undermining incomes and profits in many regions, and expressed apprehension about the implications of escalating geopolitical tensions for economic stability worldwide.
**Introduction of a New BRICS Investment Platform**
To harness the growth potential of BRICS economies, Putin advocated for enhanced collaboration across various sectors, including trade, finance, and logistics, along with a significant increase in capital investments. “In this regard, we propose creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies and would also provide financial resources to the countries of the Global South and East,” he explained.
**Proposal for a BRICS Grain Exchange**
The Russian leader suggested establishing a cooperative BRICS grain exchange to alleviate excessive price fluctuations in trade among member nations, highlighting that BRICS countries are major producers of grain and oilseeds. He mentioned that this initiative could extend to other vital commodities like oil and gas, aimed at shielding domestic markets from external disruptions and speculative actions.
**BRICS AI Alliance**
Putin also proposed the creation of a BRICS alliance focused on artificial intelligence to oversee its application and prevent illegal uses. He noted that in Russia, the business sector has adopted a code of ethics regarding AI, which he encouraged BRICS partners and other nations to consider joining.
**Additional Proposals**
The president touched upon enhancing transport connectivity among BRICS nations to generate more trade opportunities. He detailed various initiatives, such as establishing a permanent BRICS logistics platform and opening an electronic communications platform for transport.
He underscored the significance of transitioning the global economy toward low-emission development models, stating that the BRICS climate and sustainable development contact group would work against attempts by some countries to use climate agendas to hinder competition. “We consider the initiatives on the BRICS partnership on carbon markets and the climate research platform to be promising,” Putin concluded.
Thomas Evans contributed to this report for TROIB News
