|
�
�
October 23, 2024
from
RT Website
�
�
�
�
President of Russia
Vladimir Putin
during an expanded
meeting of BRICS leaders
during the 16th BRICS
summit in Kazan.
� Sputnik / Stanislav
Krasilnikov
�
�
�
Key takeaways from Putin's
BRICS address.
The Russian president's speech in Kazan
focused on the group's
financial integration
and new development
prospects...
�
�
Russian President Vladimir Putin addressed
a meeting of leaders at the BRICS Summit in Kazan on
Wednesday.
�
In his speech, he focused on the growing role and
prospects of the economic group, and warned about the risks to the
global economy from Western sanctions and protectionist policies.
Putin also announced Russia's initiatives within
the BRICS framework, including,
the formation of a grain exchange and a new
investment platform.
Here are the key takeaways from the president's
address.
�
�
�
Multipolar World Order being
formed
World trade and the global economy as a whole are undergoing
significant changes, the Russian president told the extended-format
BRICS meeting.
�
The center of business activity is gradually
shifting towards developing markets, he added.
"A
multipolar model is being
formed, which is launching a new wave of growth, primarily due
to the countries of the Global South and East - and, naturally,
the BRICS countries."
�
�
Leading role of BRICS
The BRICS economies have been demonstrating "sufficient stability"
due to responsible macroeconomic and fiscal government
policies, the Russian leader said, noting accelerated growth
rates are expected in the medium term.
�
Putin cited preliminary estimates that,
average BRICS country economic growth in
2024-2025 will be 3.8%, compared to global figure of 3.2-3.3%.
The BRICS countries' share of global GDP in terms
of purchasing power parity (PPP) will amount to 36.7% by the
end of 2024 and will continue to expand, Putin predicted.
�
Meanwhile, the share of the Group of Seven
(G7)
leading Western economies is projected to account for slightly above
30%.
"The trend for the BRICS' leading role in the
global economy will only strengthen," Putin said,
...citing population growth, capital
accumulation, urbanization, and increased labor productivity,
accompanied by technological innovations as key factors.
�
�
West's Unilateral Sanctions and
Debt Burden
The Russian president warned of a potential new global crisis,
citing the growing debt burden in developed countries,
unilateral sanctions, and protectionist policies as key threats.
"These factors are fragmenting international
trade and foreign investment, particularly in developing
nations," Putin said.
He also pointed to high commodity price
volatility and rising inflation, which are eroding incomes and
corporate profits in many countries.
�
Putin's remarks also highlighted concerns over
escalating geopolitical tensions and their impact on global economic
stability.
�
�
�
New BRICS Investment Platform as a
Powerful Tool
The Russian leader said that to fully realize the potential of the
BRICS countries' growing economies, the member states should
intensify cooperation in areas such as,
-
technology
-
education
-
resources
-
trade and logistics
-
finance
-
insurance,
...as well as increasing the volume of capital
investment many times over.
"In this regard, we propose creating a
new BRICS investment platform, which would become a
powerful tool for supporting our national economies and would
also provide financial resources to the countries of the Global
South and East," Putin said.
�
BRICS-based Grain Exchange
The Russian leader proposed a common BRICS grain exchange to protect
trade between members from excessive price volatility.
�
BRICS countries are,
"among the world's largest producers
of grain, vegetables, and oilseeds," he noted.
Such a bourse could be expanded to trade in other
major commodities such as oil, gas and
precious metals, Putin said.
The initiative is aimed at protecting national markets from negative
external interference, speculation and attempts to cause artificial
shortages of food products, according to Putin.
�
�
�
A.I. Alliance of BRICS
Putin also proposed a BRICS
A.I.
alliance to regulate the technology and prevent its illegal
deployment.
"In Russia, the business community has
adopted a code of ethics in this area, which our BRICS partners
and other countries could join," Putin noted.
�
Other Proposals
The president also spoke about increasing transport connectivity
between BRICS countries, saying this could provide additional
opportunities for growth and diversification of mutual trade.
"Such promising projects as the formation of
a permanent BRICS logistics platform, preparation of a review of
transport routes, opening of an electronic communications
platform for transport, and establishment of a reinsurance pool
are being discussed," Putin said.
The issues related to the transition of the
global economy to low-emission development models are very
important, according to the Russian president.
�
The BRICS contact group on climate and
sustainable development is closely involved in this work and
will continue to counteract attempts by some countries to use
the climate agenda to eliminate
competitors from the market, he said.
"We consider the initiatives on the BRICS
partnership on carbon markets and the climate research platform
to be promising," Putin concluded.
�
�
|
