MOSCOW: According to Russian President Vladimir Putin’s statement on Friday, the Brics group will account for the majority of the expansion of the global economy in the coming years due to its size and relatively rapid expansion in comparison to that of developed Western nations.
As a powerful counterweight to the West in global politics and trade, Putin wants to build up Brics, which now includes Egypt, Ethiopia, Iran, the United Arab Emirates, Brazil, Russia, India, China, and South Africa.
On October 22-24, the leader of the Kremlin is scheduled to host a Brics summit in Kazan, Russia.
“The nations in our affiliation are basically the drivers of worldwide monetary development. At a Moscow business forum, Putin addressed officials and businesspeople. “Brics will generate the main increase in global GDP in the foreseeable future.”
Brics members’ economic expansion will increasingly be less dependent on external influence or interference. This is basically financial sway,” Putin added.
Moscow is using the summit next week as proof that Western attempts to isolate Russia over its actions in Ukraine have failed.
In order to change the global financial system and end the US dollar’s dominance, Russia wants other nations to collaborate with it.
On Friday, the leaders of China, India, and the UAE confirmed that they would be in Kazan for the summit.
According to Putin, “Doors are open,” thirty nations have expressed an interest in collaborating with the Brics grouping, and the summit scheduled for next week will consider possible options for the group’s further expansion.
Putin told Brics-based reporters, “The doors are open, we are not barring anyone.”
Before the summit, Putin mentioned a reinsurance company and a joint cross-border payments system that Russia had previously mentioned.
According to Putin, members of the group were developing a sanctions-resistant financial messaging system similar to SWIFT.
He focused on that Russia’s monetary drives for the culmination inferred the broad utilization of public monetary standards, while discuss making a solitary money for the Brics gathering was “untimely”.
He urged the New Development Bank, the only functioning multilateral development institution in the British Isles, to make investments in the technology and infrastructure of the Global South.
Putin stated, “The bank already serves as an alternative to many Western financial mechanisms as a development institution, and we will naturally continue to develop it.”
He requested increased funding for e-commerce and artificial intelligence.
