09 Jul 2025

It is important that the BRICS countries continue to deepen their cooperation across key sectors in politics, security, economy and finance, cultural and humanitarian contacts.

This was said by Russia president, Mr Vladimir Putin at the plenary session of the 17th BRICS Summit in Rio de Janeiro, Brazil.

He said the group, which had significantly grown and now included leading states in Eurasia, Africa, the Middle East, and Latin America, possessed a vast political, economic, scientific, technological and human potential.

“The BRICS countries account for not only a third of the earth’s landmass and almost half the planet’s population, but also for 40 per cent of the global economy, while their combined GDP at purchasing power parity stands at US$77 trillion. This is the 2025 data according to the IMF. By the way, BRICS is substantially ahead of other groups in this parameter, including G7 with US$57 trillion.”

Year after year, he said the group’s global authority and influence continued to grow.

“BRICS has rightfully established itself as one of the key centres of global governance, with our collective voice in support of the global majority’s vital interests resonating ever more powerfully across the international stage.”

Putin further said the BRICS countries represented different development models, religions, authentic civilisations and cultures, while unanimously upholding equality and neighbourliness.

He said they prioritised traditional values, the high ideals of friendship and accord, strived to contribute to global stability and security, the prosperity and success of all nations.

“We all see that the world is experiencing tectonic shifts. The unipolar system of international relations that once served the interests of the so-called golden billion is losing its relevance, replaced by a more just multi-polar world. Global economic patterns are changing faster. Everything indicates that the liberal globalisation model is becoming obsolete while the centre of business activity is gravitating toward developing markets, launching a powerful growth wave, including in the BRICS countries. To maximise the emerging prospects, it is important to intensify cooperation within the group, primarily in technology, effective resource development, logistics, insurance, trade and finance.”

The president also said it was important to continue expanding the use of national currencies in mutual payments.

“It is believed that creating an independent payment and monetary system within BRICS will expedite currency transactions while also ensuring their effectiveness and security,” he said.

Furthermore, he said using national currencies in trade within BRICS was steadily growing.

“In 2024, the share of Russia’s national currency, the ruble, and the currencies of our friendly states in transactions with Russia and other BRICS countries reached 90 per cent.”

He said multiplying mutual capital investment by the BRICS countries, including through BRICS mechanisms, primarily, the New Development Bank, appeared to be an important goal.

 To this end, he noted that Russia proposed creating a whole new BRICS investment platform adding that the idea behind it was to jointly develop coordinated instruments to support and to bring in the funds from the economies of BRICS countries and from the Global South and Global East countries.

In addition, he said in September, Moscow will host Intervision, a popular international television song contest, which got the attention of numerous performers from BRICS and BRICS partner countries, who confirmed their willingness to participate in it. “A humanitarian project of that magnitude is designed to promote universal, cultural, family, and spiritual values shared by our countries,” he said. ENDS