Brics Fuels Global Growth: Intra-Bloc Trade Surpasses $1 Trillion, Says Putin
According to Russian President Vladimir Putin, the Brics countries are emerging as a powerful force in the world economy, contributing about half of the yearly GDP growth over the previous five years and greatly increasing their proportion of high-tech exports. During the plenary session of the 29th St. Petersburg International Economic Forum, Putin highlighted that Brics currently accounts for approximately 40 percent of global GDP when measured in terms of purchasing power parity. “During the existence of Brics, its share of global merchandise trade has more than doubled, while intra-Brics trade has already exceeded $1 trillion,” he stated.
Emphasising the bloc’s technological prowess, Putin noted that Brics nations now represent over one-third of global high-tech exports. He highlighted China’s dominance in artificial intelligence patents, India’s robust standing in the global software sector, and Russia’s progress in digital platforms, financial technologies, and nuclear energy, as reported. “The world becomes fairer when economic growth embraces billions of people who were previously on the periphery of the global economy,” Putin said, adding that 49 per cent of global GDP growth in recent years has come from Brics countries.
Uzbekistan President Shavkat Mirziyoyev, who also addressed the session, stated that cooperation with Russia has progressed beyond mere trade into “technological alliances, industrial chains and joint production projects.” He observed that the portfolio of collaborative projects between Russia and Uzbekistan has now surpassed $50 billion. Tanzanian President Samia Suluhu Hassan emphasised the increasing economic significance of Africa, noting that by 2050, one in four individuals worldwide will be African and the continent will be home to nine of the world’s 20 fastest-growing economies.
Chinese Vice President Han Zheng emphasised the importance of establishing a more equitable global governance framework, asserting that China and Russia are dedicated to advancing a multipolar world order grounded in sovereign equality, adherence to international law, and authentic multilateral collaboration. The session concentrated on the evolution of the global economy and the increasing significance of emerging markets in influencing future growth.
