Putin suggests a fresh economic approach for BRICS
Russian President Vladimir Putin has stated that a BRICS investment platform would enhance the economic growth of member countries. Read Full Article at RT.com.
TroibNews 
Russian President Vladimir Putin has advocated for the establishment of a BRICS investment platform aimed at enhancing the economic development of member countries as well as supporting the Global South and East. He introduced this proposal on Wednesday during the 16th annual BRICS Summit in Kazan.
Putin noted that partner nations could see a substantial boost in investment across various sectors, including technology, education, trade, and logistics, which would enable these economies to reach their full growth potential.
The platform “would become a powerful tool to support our national economies, as well as providing financial resources to the countries of the Global South and East,” the Russian president stated.
The term Global South refers to nations predominantly situated in the Southern Hemisphere, particularly in Africa, Asia, and Latin America, which are often perceived as having a lower level of economic and industrial advancement.
BRICS was established in 2006 with Brazil, Russia, India, and China as founding members, and South Africa joined the grouping in 2010. This year, the bloc welcomed four new members: Egypt, Iran, Ethiopia, and the United Arab Emirates. Saudi Arabia has also been invited to join and participates in BRICS activities but has yet to complete the ratification process.
Current BRICS members represent nearly 46% of the global population and contribute over 36% of the world's GDP, as indicated by estimates from global financial institutions.
Among the topics under discussion at the summit were the establishment of BRICS ‘partner countries’ and the development of alternative payment systems for transactions between member states.
Russia is currently serving as the rotating chair of BRICS for this year.
Debra A Smith for TROIB News
Putin noted that partner nations could see a substantial boost in investment across various sectors, including technology, education, trade, and logistics, which would enable these economies to reach their full growth potential.
The platform “would become a powerful tool to support our national economies, as well as providing financial resources to the countries of the Global South and East,” the Russian president stated.
The term Global South refers to nations predominantly situated in the Southern Hemisphere, particularly in Africa, Asia, and Latin America, which are often perceived as having a lower level of economic and industrial advancement.
BRICS was established in 2006 with Brazil, Russia, India, and China as founding members, and South Africa joined the grouping in 2010. This year, the bloc welcomed four new members: Egypt, Iran, Ethiopia, and the United Arab Emirates. Saudi Arabia has also been invited to join and participates in BRICS activities but has yet to complete the ratification process.
Current BRICS members represent nearly 46% of the global population and contribute over 36% of the world's GDP, as indicated by estimates from global financial institutions.
Among the topics under discussion at the summit were the establishment of BRICS ‘partner countries’ and the development of alternative payment systems for transactions between member states.
Russia is currently serving as the rotating chair of BRICS for this year.
Debra A Smith for TROIB News
