Russian President Vladimir Putin stated on Friday that the BRICS group will be responsible for the majority of the world’s economic development in the upcoming years due to its size and comparatively rapid growth when compared to established Western countries.
Putin will host the group’s meeting in Kazan from October 22–24.
He wants to establish BRICS—which now includes Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates—as a potent political and economic counterbalance to the West.
“Our association’s member nations are essentially the engines of world economic expansion.
Putin told authorities and businesses at the BRICS business meeting in Moscow that BRICS will be the primary driver of the world’s GDP growth in the near future. “BRICS members’ economic progress will rely less and less on outside intervention or influence.
In essence, this is economic sovereignty,” Putin continued. Moscow is pointing to next week’s BRICS summit as proof that Western attempts to isolate Russia over its actions in Ukraine have not succeeded.
In order to restructure the world financial system and abolish the US dollar’s hegemony, Russia needs other nations to cooperate with it.
The presidents of China, India, and the United Arab Emirates confirmed their attendance at the meeting on Friday.
