Speaking at the BRICS Outreach meeting held Sunday in New Delhi, Russian President Vladimir Putin announced that trade among BRICS countries had reached $1.2 trillion.
Putin said population growth rates in BRICS countries were rising each year, domestic markets were gaining strength and infrastructure was being developed in various fields.
Putin said BRICS countries account for about a quarter of global exports and that the group is the main driver behind 49% of global gross domestic product.
Broad scope for economic cooperation
Putin said BRICS had not yet reached the limits of its development potential, identifying the complementary nature of member countries’ economies as one of the group’s underused assets.
Putin said differences in economic structures and areas of specialization offered broad opportunities for cooperation in establishing new production chains, technologies, services and markets. In this context, he spoke of creating a common BRICS growth platform.
Message on a fair and multipolar order
Putin noted that global interest in BRICS’ work was growing and said the group’s values and ideals were also attracting greater attention.
Putin said BRICS advocates equal and unrestricted opportunities for all countries to achieve social and economic growth. He also said the group was actively contributing to the formation of a fairer and multipolar world order.