The BRICS group of nations is driving worldwide financial growth quicker than sophisticated Western economies, Russian President Vladimir Putinsaid at the group $ s company online forum on Friday.The 5 original members of BRICS $ Brazil, Russia, India, China and South Africa $ together with its four newbies represented 37.4% of international GDP compared to 29.3% for G7 nations in 2015, Putin said as he forecasted $ the gap will undoubtedly widen.
$ $ The member nations of our association are in reality the drivers of international financial development.
And it $ s in BRICS that the primary development of international GDP will be created in the foreseeable future, $ Putin said.BRICS takes its name from the very first letters of the five members who signed up with between 2009 and 2010.
This year, the group broadened to include Egypt, Ethiopia, Iran and the United Arab Emirates.Putin regularly casts BRICS as a geopolitical counterweight to Western power and influence, although not all of the group $ s members, such as Brazil and India, share Moscow $ s tough line on relations with the West.The Kremlin has actually provided the expansion of BRICS as proof of Western failure to separate Russia with sanctions over its full-scale intrusion of Ukraine.
2 of the group $ s largest members, China and India, have provided essential economic lifelines for Moscow during the war.During Friday $ s BRICS organization online forum in Moscow, Putin promoted the group $ s plans for cross-border payments, transportation projects and the digital economy.
$ In other words, BRICS members $ economic development will depend less and less on outdoors impact or intervention in the future, $ Putin said.The Kremlin said the leaders of 24 countries would participate in the BRICS summit in the Russian city of Kazan next week, including Chinese President Xi Jinping and Indian Prime Minister Narendra Modi.