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Russian President Vladimir Putin attended the BRICS Business Forum in Moscow, Russia on October 18, 2024.
The BRICS group is expected to drive most of the global economic growth in the upcoming years due to its size and rapid growth compared to developed Western nations, as stated by Russian President Vladimir Putin.
Putin aims to strengthen BRICS, which now includes Egypt, Ethiopia, Iran, and the United Arab Emirates alongside Brazil, Russia, India, China, and South Africa, as a significant counterforce to the West in global politics and trade.
The Kremlin leader is set to host a BRICS summit in Kazan, Russia from October 22-24.
Putin mentioned during the BRICS business forum in Moscow that, “The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will be responsible for the main increase in global GDP.”
“The economic growth of BRICS members will rely less on external influence or interference. This signifies economic sovereignty,” Putin added.
The upcoming summit is seen by Moscow as proof that Western attempts to isolate Russia over its actions in Ukraine have not succeeded.
Russia is looking for other countries to collaborate in revamping the global financial system and reducing the dominance of the U.S. dollar.
China, India, and the UAE have confirmed that their leaders will attend the Kazan summit.
‘Doors are open’
Putin mentioned that 30 countries worldwide have shown interest in working with the BRICS group and that the summit will explore potential options for expanding the group.
Cuba experienced a nationwide blackout after one of its major power plants collapsed on Friday.
“The doors are open, we are not excluding anyone,” Putin informed reporters from BRICS countries.
Putin highlighted some of the initiatives that Russia has previously outlined ahead of the summit, including a joint cross-border payments system and a reinsurance company.
Putin stated that group members are collaborating on a SWIFT-like financial messaging system that is resistant to Western sanctions and the use of national digital currencies for financing high-growth investment projects within and outside BRICS.
He emphasized that Russia’s financial initiatives for the summit involve the extensive use of national currencies, while discussions of creating a single currency for the BRICS group are considered “premature.”
He urged the New Development Bank, the only operational multilateral development institution within BRICS, to invest in technology and infrastructure across Global South countries.
“As a development institution, the bank already serves as an alternative to many Western financial mechanisms, and we will naturally continue to develop it,” Putin stated. He called for increased investments in e-commerce and artificial intelligence.
Putin aimed to promote Russia’s new transportation megaprojects like the Arctic Sea Route and the North-to-South corridor, connecting Russia to the Gulf and the Indian Ocean through the Caspian Sea and Iran.
“It is crucial for boosting freight transportation between the Eurasian and African continents,” he remarked.”