Putin Highlights Multipolarity, Economic Complementarity and New Financial Architecture at BRICS

Dragon Media News Desk

Russian President Vladimir Putin has described BRICS as an increasingly important force for strengthening genuine multilateralism and shaping a fairer multipolar world order. Addressing the BRICS Outreach/Plus session of the 18th BRICS Summit on September 13, Putin said the broad international participation in the meeting demonstrated the growing interest of the global community in BRICS.

Putin said the grouping’s core principles include commitment to independent and sovereign development paths, collective problem-solving based on international law and the UN Charter, respect for national cultures and traditions, and the right of each country to pursue its own development model. According to him, these principles are gaining wider appeal across the world.

He presented BRICS as a major driving force behind a more representative and genuinely multilateral international system. Putin noted that BRICS countries are experiencing steady population growth, expanding domestic markets and the strengthening of industrial, technological, financial and academic centres, alongside the development of modern transport, energy and digital infrastructure.

According to Putin, intra-BRICS trade has already reached US$1.2 trillion. He said member states account for almost one quarter of global exports and contribute 49 percent of global GDP growth. At the same time, he stressed that the grouping’s economic potential remains far from fully utilized.

Putin identified the complementarity of BRICS economies as one of the group’s most important untapped strengths. Differences in economic structure and specialization, he said, create broad opportunities for practical cooperation, including the development of new production chains, technologies, services and markets. Better coordination in these areas could significantly expand the group’s economic impact.

He also highlighted a number of Russian proposals aimed at strengthening financial and economic cooperation within BRICS. These include the creation of BRICS payment, depository and clearing infrastructure, as well as a reinsurance mechanism and a grain exchange. Putin expressed confidence that such instruments could eventually benefit both BRICS members and partner countries.

The Russian President also called for further strengthening the BRICS New Development Bank and updating its business model in line with changing economic needs. He said the institution could play a greater role in providing additional financing options for infrastructure, industry, technology and development projects across emerging and developing economies.

Putin further emphasized technological transformation as a key driver of future economic growth and sovereign development. The rapid expansion of artificial intelligence, autonomous systems, digital trade platforms and financial technologies, he said, is already changing the way economic value is created.

His remarks portrayed BRICS not merely as a political dialogue platform, but as a long-term project aimed at building stronger cooperation in finance, trade, technology, development and multilateral governance. The central message was that if the capabilities of member states are increasingly linked through complementary cooperation rather than rivalry, BRICS could further strengthen the institutional foundations of a multipolar world order.