By Gleb Bryanski and Vladimir Soldatkin
MOSCOW (Reuters) – Russian President Vladimir Putin stated that the BRICS group will drive much of the global economic growth in coming years due to its size and rapid growth compared to Western countries.
BRICS includes Brazil, Russia, India, China, South Africa, and recently added Egypt, Ethiopia, Iran, and the UAE. Putin aims to strengthen BRICS as a counterbalance to Western influence in global affairs.
A BRICS summit will take place in Kazan, Russia, from October 22-24. Putin mentioned that the countries in BRICS are key contributors to global GDP growth and are less influenced by external factors, promoting “economic sovereignty.”
This summit is being framed by Russia as a sign that attempts to isolate it over the Ukraine conflict have failed. Russia seeks to collaborate with other nations to reform the global financial system and reduce reliance on the U.S. dollar.
Leaders from China, India, and the UAE confirmed their attendance at the Kazan summit. Putin noted that 30 countries have shown interest in joining BRICS and emphasized that they are open to expansion.
Putin highlighted initiatives such as a joint payments system and a financial messaging system akin to SWIFT, which would be resistant to Western sanctions. He also discussed the use of national digital currencies for investment projects within BRICS. However, he deemed the idea of a single BRICS currency as “premature.”
He urged the New Development Bank to invest in technology and infrastructure for Global South countries, positioning it as an alternative to Western financial systems.
Additionally, Putin promoted major transport projects like the Arctic Sea Route and the North-to-South corridor, which connect Russia to the Gulf and Indian Ocean, enhancing freight transport between Eurasia and Africa.
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