Russian President Vladimir Putin has hailed BRICS as an increasingly influential force in the global economy, saying the group now accounts for nearly half of global economic growth and has surpassed $1 trillion in internal trade.
Speaking at the plenary session of the 29th St Petersburg International Economic Forum (SPIEF), Putin argued that economic power is steadily shifting towards emerging markets and developing economies, with BRICS countries playing a central role in that transformation.
“During the existence of BRICS, its share of global merchandise trade has more than doubled, while intra-BRICS trade has already exceeded $1 trillion,” Business Standard quoted him as saying. He added that the group now represents about 40 percent of global gross domestic product when measured by purchasing power parity (PPP).
The BRICS grouping, originally comprising Brazil, Russia, India, China and South Africa before expanding to include additional members, has increasingly positioned itself as a platform for cooperation among emerging economies seeking greater influence in global governance and trade.
According to Putin, BRICS countries generated approximately 49 percent of global GDP growth over the past five years, reflecting what he described as a broader rebalancing of the world economy away from traditional Western centres of power.
The Russian leader also highlighted BRICS’ growing technological footprint, saying member states now account for more than one-third of global high-tech exports. He pointed to China’s leadership in artificial intelligence patents, India’s prominent software industry and Russia’s advances in digital technologies, financial services and nuclear energy.
“The world becomes fairer when economic growth embraces billions of people who were previously on the periphery of the global economy,” Putin told delegates.
