Russian President Vladimir Putin has declared that BRICS will be the driving force behind global economic growth in the coming years, positioning it as a powerful counterweight to the West.
New Delhi: In a striking assertion of BRICS’ future role in the global economy, Russian President Vladimir Putin declared on Friday that the BRICS group would drive much of the world’s economic growth in the coming years. Speaking at a BRICS Business Forum in Moscow, he positioned the bloc as a powerful counterweight to the West, emphasizing its growing influence in global trade and politics.
As the 16th BRICS Summit approaches, set to take place in Kazan from October 22-24, Putin outlined the vision of BRICS as a major force in shaping the future global economic landscape. The summit, which will bring together leaders from Brazil, Russia, India, China, and South Africa, has garnered global attention, especially as BRICS recently expanded its membership to include Egypt, Ethiopia, Iran, and the United Arab Emirates. With this new composition, the group aims to challenge the dominance of the G7 and reshape the geopolitical balance.
BRICS to Drive Global Growth
Putin’s remarks underscored the rapid growth of BRICS nations compared to developed Western economies. “The countries in our association are essentially the drivers of global economic growth. In the foreseeable future, BRICS will generate the main increase in global GDP,” said Putin. He noted that this growth would increasingly rely on national currencies and less on external interference, describing it as a step toward “economic sovereignty.”
With BRICS countries now contributing to over 40% of global GDP growth, Putin projected that the group’s combined growth rate could reach 4% this year—well above the 1.7% forecast for G7 nations. This anticipated surge in economic power signals a significant shift in global economic dynamics, as the West continues to grapple with slower growth rates.
Expanding Membership and Strategic Vision
Putin also pointed to BRICS’ openness to further expansion, revealing that around 30 countries had expressed interest in joining the bloc. He stressed that the doors to BRICS were “not closed” and that the upcoming summit would explore potential avenues for further enlargement.
“The doors are open, we are not barring anyone,” Putin remarked, highlighting BRICS’ inclusive nature. This stands in contrast to Western-led alliances, which are often perceived as exclusive clubs that impose stringent membership criteria.
BRICS’ expansion reflects its growing geopolitical influence, with its diverse membership offering a broader platform to challenge Western-led economic institutions like the International Monetary Fund (IMF) and World Bank. By admitting countries from Africa and the Middle East, the group is also reinforcing its presence in regions with high economic potential and strategic importance.
Focus on National Currencies and Digital Infrastructure
A key highlight of Putin’s speech was BRICS’ commitment to boosting the use of national currencies in cross-border trade. While discussions about a BRICS common currency have been floated in the past, Putin acknowledged that such talks were “premature.” Instead, the group will prioritize the development of a financial messaging system similar to SWIFT but immune to Western sanctions.
Russia has been advocating for the extensive use of national currencies within the BRICS framework as a way to reduce dependence on the U.S. dollar. This shift is seen as a critical step in fortifying the economic resilience of BRICS countries, especially in the face of Western sanctions. The use of national digital currencies to finance high-growth investment projects inside and outside BRICS is another area of focus, with Russia leading initiatives in this regard.
Putin also called on the New Development Bank (NDB), BRICS’ multilateral financial institution, to ramp up investment in infrastructure and technology, particularly in the Global South. “As a development institution, the bank already serves as an alternative to many Western financial mechanisms, and we will naturally continue to develop it,” Putin noted. He emphasized the need for investments in sectors like e-commerce and artificial intelligence, signaling BRICS’ commitment to technological innovation.
Russia’s Strategic Projects and Global Connectivity
In addition to economic policies, Putin showcased Russia’s ambitious transport infrastructure projects aimed at connecting continents. He highlighted the Arctic Sea Route and the North-to-South corridor, linking Russia to the Gulf and Indian Ocean through the Caspian Sea and Iran, as key initiatives to boost trade between the Eurasian and African continents.
Putin framed these projects as vital for expanding global freight transportation, providing an alternative to traditional trade routes dominated by Western powers. These initiatives are aligned with Russia’s broader strategy of diversifying its economic partnerships amid increasing geopolitical tensions with the West.
BRICS: Non-Western, Not Anti-Western
Putin was quick to clarify that BRICS is not an anti-Western alliance but a non-Western one. Echoing the stance of Indian Prime Minister Narendra Modi, Putin stated, “BRICS was never meant to be against anyone. Prime Minister Modi has also stated that BRICS is not an anti-Western group but a non-Western group.”
This nuanced positioning reflects BRICS’ goal of building a multipolar world order where power is distributed more equitably across regions, rather than being concentrated in the hands of a few Western countries. As BRICS grows in both economic and political stature, it aims to carve out a distinct role in global governance that emphasizes multilateralism and cooperation.
India’s Role and Modi’s Visit to Russia
Prime Minister Narendra Modi is set to visit Russia next week to attend the BRICS summit, marking his second visit to the country this year. Modi’s presence is expected to further strengthen India-Russia ties, particularly in areas such as trade, defense, and technology. Modi has played a key role in promoting BRICS as a platform for global South-South cooperation, and his visit underscores India’s commitment to the group’s long-term goals.
Putin expressed his appreciation for Modi’s efforts to mediate the Russia-Ukraine conflict, stating that the Indian leader consistently raises the issue during their discussions. “We are thankful to him for that,” Putin said, emphasizing Russia’s interest in a peaceful resolution to the conflict.
Cultural Collaboration and Future Prospects
Putin also touched on cultural collaboration within BRICS, particularly in the film industry. He noted the popularity of Indian films in Russia and expressed interest in expanding cooperation in this sector. “We have a TV channel dedicated to Indian movies, and we hold the BRICS film festival. If Indian filmmakers are interested, we can find common ground to promote them in Russia,” Putin said.
Looking ahead, the Kazan summit will offer BRICS leaders an opportunity to assess the progress of key initiatives and identify new areas for collaboration. The theme of the summit, “Strengthening Multilateralism for Just Global Development and Security,” underscores BRICS’ commitment to addressing global challenges in a cooperative and inclusive manner.
Conclusion
As BRICS prepares for its 16th summit, Putin’s vision of the group as a driver of global economic growth is gaining traction. With its expanding membership, emphasis on national currencies, and strategic projects aimed at boosting global trade, BRICS is positioning itself as a formidable force in the 21st-century world order. Whether the group can truly reshape the global economic landscape remains to be seen, but one thing is certain: BRICS is no longer just an emerging market bloc—it’s a key player in global politics and economics.
