BRICS Is Emerging as a New Centre of Global Economic Growth: Putin
Dragon Media News Desk
Russian President Vladimir Putin has said the global economy is entering a period of deep structural transformation, with traditional centres of economic leadership gradually giving way to new drivers of growth.
Addressing the BRICS Business Forum in New Delhi on September 11, Putin said strong economic partnerships and reliable business ties form an important foundation for stable international relations and help countries overcome the crisis-related challenges facing the modern world.
According to Putin, BRICS countries accounted for more than 40 percent of global GDP over the past five years, while the Group of Seven accounted for around 29 percent. He also said BRICS contributed nearly half of global economic growth during the same period, compared with around 18 percent from the G7.
Putin noted that BRICS countries are home to roughly half of the world’s population and possess vast and rapidly expanding domestic markets. He said urbanisation is advancing quickly across member states and that national companies from BRICS countries are increasingly becoming significant global players.
The Russian president argued that the relative influence of traditional economic leaders is declining while new centres of economic growth are gaining strength. He described this not as a temporary shift, but as part of a longer-term structural rebalancing of the global economy.
Putin also criticised Western countries, accusing them of moving away from the principles of fair competition. He said industrial and logistical infrastructure, pipelines and international transport routes had increasingly become targets of political pressure, while restrictions and threats of secondary sanctions were being used against countries seeking to defend their own national interests.
He said more than 30,000 sanctions had been imposed on Russia, claiming this was nearly twice the number imposed on all other countries combined.
Putin argued that despite sanctions pressure, the Russian economy has continued to adapt, while some countries that introduced the restrictions are themselves facing serious problems including budget deficits, rising public debt and industrial decline.
According to Putin, the long-term consequences of sanctions and trade restrictions are not limited to targeted countries. He said they also affect global supply chains, energy markets, investment and production, underlining the need for economic relations to be based on cooperation rather than political coercion.
The Russian president said Russia remains open to promising initiatives in industry, trade and tourism. He added that Moscow is ready to work with partners to strengthen global energy and food security and to develop new international transport routes.
Putin specifically highlighted the Trans-Arctic Transport Corridor and the International North-South Transport Corridor as strategically important routes for future trade. Moscow expects these corridors to create new links connecting Russia, Central Asia, India, West Asia, Europe and the Arctic region.
He said BRICS, through joint efforts by governments, businesses and expert communities, is building a new and more stable platform for global economic growth.
Putin stressed that the operating principles of BRICS should not be imposed from outside. Instead, he said they should be based on national interests, innovative business approaches, technological breakthroughs and mutual benefit.
According to Putin, BRICS is not seeking to impose its own rules on other countries. Its objective, he said, is to create a framework for economic cooperation that respects national interests and encourages technological innovation, trade and development.
Putin’s remarks at the BRICS Business Forum underscored Russia’s view of BRICS not merely as a political dialogue platform, but as an increasingly important foundation for cooperation in trade, energy, food security, transport, industry and technology.
