“Fundamental changes are taking place in the world”: Putin BRICS summit meeting.

Putin BRICS summit meeting

Vladimir Putin participated in the main plenary session of the XVII BRICS summit in a video conference format. During his speech, the president commented on the difficult geopolitical situation and the change in the global order, compared the economies of BRICS and G7, talked about the close cooperation within the association, and also shared important achievements and new tasks of the block.

Russian President Vladimir Putin participated in the main plenary session of the XVII BRICS summit, which is being held under the presidency of Brazil in Rio de Janeiro. The Russian leader joined the meeting via video conferencing.First of all, the head of state noted that BRICS countries continue to deepen cooperation in key areas of politics and security, economics and finance, as well as in cultural and humanitarian contacts.”Our union has seriously expanded and includes leading countries from Eurasia, Africa, the Middle East, and Latin America. Together we have truly enormous political, economic, scientific, technological, and human potential,” he said.The president noted that, according to the IMF, the total GDP at purchasing power parity of BRICS countries today reaches $77 trillion. By this measure, the union significantly surpasses some others, including the G7: the ‘Big Seven’ indicator stands at only $57 trillion.

“Year after year, the authority and influence of our association in the world are growing. BRICS has rightly established itself among the key centers of global governance, and the strong voice of our nations in support of the fundamental interests of the global majority is becoming increasingly clear on the international stage,” noted Putin.

He emphasized that BRICS has many like-minded countries among the Global South and East that resonate with the ‘culture of open partnership and cooperation, mutual respect, and consideration of each other’s opinions.’

In this regard, the head of the Kremlin reminded that BRICS countries represent different models of development, religions, unique civilizations, and cultures, yet all advocate for equality and good neighborliness. The participants of the bloc uphold the priority of traditional values, high ideals of friendship and harmony, and strive to make a significant contribution to ensuring global stability and security, universal prosperity, and well-being.

According to Putin, it is precisely such approaches and such a unifying agenda that are in demand in the current ‘complex geopolitical situation.’ ‘We all see that radical changes are taking place in the world. The unipolar system of international relations, which served the interests of the so-called golden billion, is fading into the past. It is being replaced by a more just multipolar world. The process of changing the global economic order continues to gain momentum,’ the head of state is convinced.

Today, everything indicates that the model of liberal globalization is becoming outdated, and the center of business activity is shifting towards emerging markets, he added. This triggers a powerful wave of growth, including in BRICS countries. To take full advantage of the emerging opportunities, it is important to intensify cooperation within the union, the president believes.

Economics, Intervision and more

“By the way, the use of national currencies in trade between our countries is steadily increasing: in 2024, the share of our national currency, the ruble, and the currencies of friendly countries in Russia’s transactions with other BRICS states reached 90%,” noted the Russian leader.

Another relevant task is to multiply the volume of reciprocal investments, including through the mechanisms of BRICS and primarily through the New Development Bank. The President reminded that with this goal, Russia proposed to create a new investment platform for BRICS. It concerns the joint development of tools to support and attract funds for the economies of BRICS members, Global South countries, and Eastern countries.