Russian President Vladimir Putin said BRICS countries accounted for nearly half of global economic growth over the past five years. Speaking at the BRICS Business Forum, Putin said the global economy was undergoing comprehensive structural transformations and that the centers of economic growth were shifting.
Putin said BRICS countries had generated more than 40% of global gross domestic product over the past five years, while the G7's share remained at 29%. He said nearly half of global economic growth during the same period came from BRICS countries, compared with 18% from the G7.
The Russian president said broad domestic markets in BRICS countries, the fact that approximately half of the world's population lives in those countries, rapid urbanization and the strengthening of national companies' positions in global markets had contributed to this trend.
Putin cited India's Tech Mahindra, China's Huawei, Brazil's Embraer, UAE-based DP World and Russia's Rosatom as examples of such companies.
Putin criticizes Western countries over competition
Putin said Western countries were trying various ways to regain their previous leadership positions and argued that economic competition between states sometimes took “improper forms.” He also claimed that international transport corridors were being obstructed and attempts were being made to seize vessels.
Putin also criticized Western countries' sanctions policy. He said “illegal restrictions” were being imposed on countries defending their national interests and that they were being threatened with secondary sanctions. Putin said more than 30,000 sanctions had been imposed on Russia.
The Russian president said countries imposing sanctions were facing budget deficits, rising public debt and industrial decline. He said economic partnerships among BRICS countries and stable ties between their business communities strengthened international relations and made it easier to withstand crises in the global economy.
Putin meets Modi
Putin met Indian Prime Minister Narendra Modi at the Bharat Mandapam Convention and Exhibition Centre in New Delhi, where the BRICS summit was being held. During the meeting, Modi gave Putin a Russian translation of the “Tirukkural,” a book written approximately 2,000 years ago by the Indian poet and philosopher Tiruvalluvar.
Putin and Modi also visited the “Innoprom. India” international industrial exhibition. Indian Foreign Ministry spokesperson Randhir Jaiswal said the two leaders discussed the development of bilateral relations as well as cooperation in trade, energy and defense.
The leaders also discussed regional and global issues, including conflicts in West Asia and the Black Sea region.
Agenda for the BRICS summit
The 18th BRICS Leaders' Summit is planned to take place in New Delhi, the capital of India, on September 12–13. Indian Prime Minister Narendra Modi is expected to chair the summit, which is also expected to be attended by Chinese President Xi Jinping, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian.
The summit is expected to be the first BRICS leaders' meeting since the conflict between Iran and the United States began. Disruptions to activity in the Strait of Hormuz have also increased the importance of the impact on energy security on the meeting's agenda.
BRICS includes energy exporters such as Russia, Iran, Saudi Arabia and the United Arab Emirates, as well as major energy importers such as China, India and Indonesia.
