Russian President Vladimir Putin Hosts BRICS Business Forum in Moscow, Hails Economic Growth
Russian President Vladimir Putin has praised the combined economic strength of BRICS nations, saying their joint GDP exceeds $60 trillion, surpassing that of the G7 group. The remarks were made at a plenary session of the BRICS business forum held in Moscow on Friday.
BRICS, an alliance initially consisting of Brazil, Russia, India, China, and South Africa, has been rapidly expanding its membership this year. In January, Iran, Egypt, Ethiopia, the United Arab Emirates, and Saudi Arabia joined the bloc, while Turkey, Azerbaijan, and Malaysia have formally applied for membership, and several other countries have expressed interest in joining.
According to Putin, the average economic growth rate of BRICS nations is projected to be around 4% for the current year, outpacing the growth rates of the G7 countries, which stands at 1.7%, and the global average of 3.2%. “According to the results of the current year, the average rate of economic growth in BRICS is projected at 4%. This is higher than the rates in the seven countries – there it is only 1.7%, and than the global rates – the global rates will be 3.2%,” Putin said.
The Russian leader also took time to visit an exhibition of the Russian Direct Investment Fund, which focuses on cooperation with BRICS countries, held at the forum.
In the coming days, Putin is set to meet with nearly two dozen world leaders, including China’s Xi Jinping, India’s Narendra Modi, Turkey’s Recep Tayyip Erdogan, and Iran’s Masoud Pezeshkian, at the BRICS summit in Kazan. The event is expected to be a major success, with officials in Moscow already touting it as a significant achievement.
Putin’s foreign policy aide, Yuri Ushakov, confirmed that 32 countries have confirmed their participation in the summit, with 24 of them sending their heads of state. The Russian president is also scheduled to hold around 20 bilateral meetings in Kazan, which could make the summit the largest foreign policy event ever held on Russian soil, according to Ushakov.