During the BRICS Summit in Kazan, Russian President Vladimir Putin outlined a comprehensive vision for a multipolar global order, highlighting the growing influence of emerging economies and cautioning against the risks posed by Western sanctions and protectionist policies. Putin presented a range of initiatives aimed at strengthening BRICS’ role in global governance and enhancing economic cooperation among member states. Below are the key points from his address.
In his speech, Putin emphasized the ongoing shift in global economic power from the West to developing nations, particularly in the Global South and East. He argued that the emerging multipolar world is being driven by the rising influence of BRICS countries, which are at the forefront of this transformation. He noted that the BRICS economies are fostering new opportunities for growth and development, underscoring their potential to reshape global trade and investment patterns.
Putin underscored BRICS’ increasing economic stability and predicted robust growth rates for the bloc. He cited projections that BRICS nations would collectively achieve economic growth of 3.8% in 2024-2025, compared to a global average of around 3.2-3.3%. He also pointed out that by 2024, the BRICS economies are expected to account for 36.7% of global GDP in terms of purchasing power parity, surpassing the G7 nations, whose share is projected to be just over 30%. This, Putin argued, reflects the growing significance of BRICS in driving the global economy forward.
The Russian president expressed concerns over mounting challenges facing the global economy, particularly in Western nations. He warned that rising debt burdens, unilateral sanctions, and protectionist measures could trigger a new global crisis. According to Putin, these factors are fragmenting international trade and investment, particularly harming developing countries. He also highlighted the risks of inflation and price volatility in commodities, which have been exacerbated by geopolitical tensions.
To address these challenges, Putin proposed several new initiatives to enhance economic cooperation within BRICS. One of the key proposals was the creation of a BRICS investment platform, aimed at boosting capital investment and supporting economic growth in the Global South and East. This platform, he suggested, would serve as a powerful tool to provide financial resources and drive innovation across key sectors such as technology, education, trade, and logistics.
Putin also introduced the concept of a BRICS-based grain exchange, which would protect member nations from the volatility of global food prices. He emphasized that BRICS countries are among the largest producers of grain and other agricultural commodities, and a common exchange would help safeguard against external market manipulations, speculation, and artificial shortages.
In addition, Putin proposed the formation of a BRICS alliance on artificial intelligence (AI), aimed at regulating the ethical deployment of AI technologies. He referenced Russia’s adoption of a business ethics code for AI as a model that could be expanded to other BRICS nations and beyond.
Further proposals included boosting transport connectivity between BRICS countries, with plans to create a permanent logistics platform and electronic communication channels for transport. Putin also highlighted the importance of sustainable development, stressing BRICS’ commitment to carbon markets and climate research. He reiterated the need to resist attempts by certain countries to use environmental regulations as a pretext to stifle competition.
Ultimately, Putin’s address at the BRICS Summit reinforced the bloc’s ambition to play a leading role in shaping a multipolar world order. His proposals emphasized economic integration, technological collaboration, and enhanced protection against external economic risks. Through initiatives like the BRICS investment platform, grain exchange, and AI alliance, Putin painted a vision of a BRICS-centered future where developing economies have greater control over their own destinies, free from Western-imposed constraints.
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