Russian President Vladimir Putin attended the BRICS Business Forum in Moscow, Russia, on October 18, 2024. The BRICS group is anticipated to drive the bulk of global economic growth in the upcoming years due to its size and comparatively rapid development compared to developed Western countries, according to Putin on Friday.
Putin aims to strengthen BRICS, which now includes Egypt, Ethiopia, Iran, and the United Arab Emirates, along with Brazil, Russia, India, China, and South Africa, as a significant counterbalance to the West in international politics and trade. The Kremlin leader is scheduled to host a BRICS summit in Kazan, Russia, from October 22 to 24.
He stated at the BRICS business forum in Moscow that the countries in the association are essentially the drivers of global economic growth and that BRICS will contribute significantly to global GDP growth in the foreseeable future. Furthermore, he emphasized the increasing economic sovereignty of BRICS members as their growth becomes less dependent on external influence or interference.
Moscow is positioning next week’s summit as evidence that Western efforts to isolate Russia over its actions in Ukraine have not succeeded. Russia seeks collaboration with other countries to reform the global financial system and reduce the dominance of the U.S. dollar. China, India, and the UAE confirmed that their leaders would attend the summit in Kazan.
Putin also mentioned that 30 countries around the world have shown interest in cooperating with the BRICS group and that the upcoming summit will explore options for further enlargement of the group.
He indicated openness to new members, saying, “The doors are open, we are not barring anyone.” Ahead of the summit, Putin highlighted initiatives such as a joint cross-border payments system and a reinsurance company. BRICS members are reportedly developing a financial messaging system similar to SWIFT, immune to Western sanctions, and exploring the use of national digital currencies for financing high-growth investment projects within and outside BRICS.
He stressed that Russia’s financial initiatives at the summit involve extensive use of national currencies, while discussions about creating a single currency for BRICS are considered premature. He called on the New Development Bank, BRICS’ sole multilateral development institution, to invest in technology and infrastructure across the Global South.
“As a development institution, the bank already serves as an alternative to many Western financial mechanisms, and we will naturally continue to develop it,” Putin stated, advocating for more investment in e-commerce and artificial intelligence.
Additionally, Putin promoted Russia’s new transport megaprojects, such as the Arctic Sea Route and the North-to-South corridor, which links Russia to the Gulf and Indian Ocean through the Caspian Sea and Iran. He emphasized these projects as crucial for enhancing freight transportation between the Eurasian and African continents.
