Photo courtesy of Anadolu
Russian President Vladimir Putin called for deeper economic integration among BRICS members Sunday, arguing that differences among their economies could become an advantage in building new supply chains and markets.
Putin told a BRICS Outreach session in New Delhi that cooperation among members had considerable room to expand, particularly in manufacturing, technology and services.
He said the group could capitalize on the different industries, resources and areas of expertise found across its member economies rather than relying solely on their existing trade relationships.
Against that backdrop, Putin said commerce within BRICS had reached $1.2 trillion, a figure he cited to demonstrate the scale of economic activity already taking place among members.
The Russian leader also said BRICS countries accounted for almost a quarter of worldwide exports and around 49 percent of global GDP growth. The figures were presented by Putin during his summit address.
He pointed to expanding consumer markets, infrastructure investment and demographic trends as factors that could create further opportunities for commerce and investment within the grouping.
Beyond economics, Putin portrayed BRICS as an alternative venue for countries seeking greater influence in international decision-making without having to align themselves with competing geopolitical camps.
His remarks came as BRICS leaders gathered in New Delhi for their 18th summit, where economic cooperation and changes to global governance formed part of discussions on the grouping’s future direction.