BRICS Trade Surpasses $1 Trillion, Putin Calls for Global Economic Shift

Russian President Vladimir Putin, speaking at the St. Petersburg International Economic Forum, highlighted the growing economic influence of the BRICS nations. He stated that trade between BRICS countries has surpassed $1 trillion and continues to rise. This economic bloc, which includes Brazil, Russia, India, China, and South Africa, is increasingly becoming a significant player on the global economic stage.

Putin emphasized that the BRICS nations share a common vision for the future and are collaborating on various sectors such as aviation, nuclear power, robotics, AI, IT, and new materials. He also noted that the group is open to new members who are willing to work towards shared goals, indicating a desire for broader participation and less Western control.

Putin claimed that BRICS now controls 40% of the world economy, a figure he described as a "medical fact." He attributed most of the future growth to the Global South, underscoring the importance of consensus and parity within the group. This statement aligns with his broader pitch for more countries to join the BRICS initiative, aiming to reduce Western influence and promote a more inclusive global economic model.

Before Putin's speech, attendees were shown a video that depicted the decline of American influence and the rise of BRICS as the new force in global development. This set the tone for Putin's address, which further emphasized the growing economic power of the BRICS nations and their potential to shape the future of the global economy.

Putin also used the forum to discuss Russia's domestic economic developments. He highlighted that Russia's GDP has grown faster than the global average despite a "complex external environment." He noted that the country is shifting away from dependence on oil and gas exports, focusing more on trade with countries like China and India as part of a long-term move away from fossil fuels.

Putin described Russia's economy as "higher in quality, more complex and multifaceted," and mentioned that the government, along with local businesses and scientists, has a plan to support this transformation. He acknowledged the risks of stagnation or recession but stressed the importance of preventing such outcomes. He also addressed the need for technological sovereignty, emphasizing the importance of developing without relying on the West.

Putin's speech at the forum, which has shifted its focus towards strengthening ties with Asia and Africa, reflects Russia's strategic pivot away from Western influence. The event, once known for attracting big names from Western businesses, now serves as a platform for fostering economic cooperation with regions that are not aligned with Washington and are less affected by sanctions.