Putin says BRICS' GDP advantage over G7 will continue to expand
According to the Russian president, the members of the bloc will account for a significant portion of the global GDP growth in the coming years. Read Full Article at RT.com
TroibNews 
The BRICS nations have emerged as significant drivers of global economic growth, and their collaborative efforts are expected to bolster this potential further, according to Russian President Vladimir Putin.
In his address at the plenary session of the BRICS Business Forum in Moscow on Friday, Putin highlighted that the bloc's share of global GDP has surpassed that of the Group of Seven (G7), which consists of leading Western economies. He noted that BRICS currently accounts for 37.4% of the global GDP, while the G7's share is at 29.3%, emphasizing, “And this gap is widening. And it will keep widening even further. It is inevitable.”
Putin remarked, “The BRICS countries are in fact the drivers of the global economic growth. It is within BRICS that the main increase in global GDP will be generated in the foreseeable future.” He further explained that the bloc "accounts for about a quarter of the world’s exports of goods” and dominates critical markets such as energy, metals, and food.
To enhance cooperation, various “development platforms” are being established within BRICS, which will include “communications channels, technological and educational standards, financial systems, payment instruments and, of course, mechanisms for sustainable long-term investment,” according to Putin. He explained that these innovations are designed to ensure that “the economic growth of BRICS members in the future will depend less and less on external influence or interference,” aiming for what he described as “economic sovereignty.” This goal is expected to create “a partnership of self-sufficient economies, which greatly increases their potential, opens up new opportunities,” he added.
Addressing concerns about the bloc’s intentions, Putin clarified, “The work of BRICS is not directed against anyone. It is solely aimed at one common task, which is the sustainable development and prosperity of our countries and people.”
As the current chair of BRICS, Russia is set to host the bloc's annual summit in Kazan from October 22 to 24. Starting January 1, 2024, Iran, Egypt, Ethiopia, and the UAE will officially join BRICS, which already includes Brazil, Russia, India, China, and South Africa.
Debra A Smith for TROIB News
In his address at the plenary session of the BRICS Business Forum in Moscow on Friday, Putin highlighted that the bloc's share of global GDP has surpassed that of the Group of Seven (G7), which consists of leading Western economies. He noted that BRICS currently accounts for 37.4% of the global GDP, while the G7's share is at 29.3%, emphasizing, “And this gap is widening. And it will keep widening even further. It is inevitable.”
Putin remarked, “The BRICS countries are in fact the drivers of the global economic growth. It is within BRICS that the main increase in global GDP will be generated in the foreseeable future.” He further explained that the bloc "accounts for about a quarter of the world’s exports of goods” and dominates critical markets such as energy, metals, and food.
To enhance cooperation, various “development platforms” are being established within BRICS, which will include “communications channels, technological and educational standards, financial systems, payment instruments and, of course, mechanisms for sustainable long-term investment,” according to Putin. He explained that these innovations are designed to ensure that “the economic growth of BRICS members in the future will depend less and less on external influence or interference,” aiming for what he described as “economic sovereignty.” This goal is expected to create “a partnership of self-sufficient economies, which greatly increases their potential, opens up new opportunities,” he added.
Addressing concerns about the bloc’s intentions, Putin clarified, “The work of BRICS is not directed against anyone. It is solely aimed at one common task, which is the sustainable development and prosperity of our countries and people.”
As the current chair of BRICS, Russia is set to host the bloc's annual summit in Kazan from October 22 to 24. Starting January 1, 2024, Iran, Egypt, Ethiopia, and the UAE will officially join BRICS, which already includes Brazil, Russia, India, China, and South Africa.
Debra A Smith for TROIB News
