Putin Unveils Vision for BRICS-Led Global Economic Shift

President Vladimir Putin declared that the global economy is undergoing its most significant transformation in decades during the St. Petersburg International Economic Forum (SPIEF). He emphasized the increasing influence of BRICS nations, noting their economic contribution has surged from 20% to nearly 40% since the start of the century.

Putin affirmed Russia's dedication to a novel development approach, advocating for fairness and openness. At the 2024 BRICS summit in Kazan, 35 countries underscored the need for a framework matching today's multipolar world. Putin highlighted that trade within BRICS has surpassed USD 1 trillion, with joint ventures in AI, nuclear energy, aviation, and tech gaining traction, as TV BRICS reported.

"Russia invites its partners to craft a global growth model ensuring prosperity and stability for years," stated Putin. South Africa's Deputy President Paul Mashatile mentioned multipolarity as pivotal in global affairs, citing Africa's growing strategic importance. Chinese Vice Premier Ding Xuexiang echoed China's commitment to open collaboration, while Bahrain's Nasser bin Hamad Al Khalifa praised Russia's economic ambitions and signaled closer ties with Moscow.

(With inputs from agencies.)