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Putin: BRICS Internal Trade Hits USD1.2T
(MENAFN) Russian President Vladimir Putin said Sunday that trade among BRICS nations has climbed to $1.2 trillion, pointing to rising population growth, strengthening domestic markets, and expanding infrastructure across the bloc as signs of its growing economic weight.
Addressing a meeting of the BRICS Outreach format in New Delhi, Putin cited fresh figures underscoring the group's global economic footprint: "Domestic trade within our association has already reached $1.2 trillion. The participating countries account for almost a quarter of global exports, and it is the BRICS that provides the main dynamics of global GDP – 49%," he said.
Putin argued that BRICS still has considerable room to grow, calling its development potential "far from exhausted."
He pointed specifically to the economic diversity among member states as an underused asset: "One of the main reserves that has not yet been fully utilized is the complementarity of the economies of the participating countries. Differences in their structure and specialization provide ample opportunities for practical cooperation, for the creation of new production chains, technologies, services and markets," he said.
"In fact, we are talking about forming a common BRICS growth platform that organically combines the competitive advantages of our economies," Putin added.
The Russian leader said global interest in BRICS' work continues to build, noting that the bloc's values and ideals are gaining traction internationally. He described BRICS as a champion of equal, unrestricted opportunity for all nations to pursue social and economic growth, and said the group is playing an active role in shaping a more just, multipolar world order.
Addressing a meeting of the BRICS Outreach format in New Delhi, Putin cited fresh figures underscoring the group's global economic footprint: "Domestic trade within our association has already reached $1.2 trillion. The participating countries account for almost a quarter of global exports, and it is the BRICS that provides the main dynamics of global GDP – 49%," he said.
Putin argued that BRICS still has considerable room to grow, calling its development potential "far from exhausted."
He pointed specifically to the economic diversity among member states as an underused asset: "One of the main reserves that has not yet been fully utilized is the complementarity of the economies of the participating countries. Differences in their structure and specialization provide ample opportunities for practical cooperation, for the creation of new production chains, technologies, services and markets," he said.
"In fact, we are talking about forming a common BRICS growth platform that organically combines the competitive advantages of our economies," Putin added.
The Russian leader said global interest in BRICS' work continues to build, noting that the bloc's values and ideals are gaining traction internationally. He described BRICS as a champion of equal, unrestricted opportunity for all nations to pursue social and economic growth, and said the group is playing an active role in shaping a more just, multipolar world order.
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