Moscow: Russian President Vladimir Putin has declared that the BRICS nations have transformed into a dominant force in the global economy. Speaking at the plenary session of the 29th St. Petersburg International Economic Forum, Putin highlighted that the bloc has accounted for nearly half of the world’s annual gross domestic product growth over the past five years. He emphasized that the alliance has also significantly expanded its footprint in high-tech exports, signaling a shift in global financial power.
According to Putin, BRICS now represents approximately 40 per cent of global gross domestic product in terms of purchasing power parity. The Russian leader pointed out that since the inception of the bloc, its share of global merchandise trade has more than doubled, with trade between member nations now exceeding 1 trillion US dollars. He noted that economic growth becomes more equitable when it embraces billions of people who were previously left on the periphery of the global financial system.
The technological strength of the alliance was a major focus of the address, with BRICS countries now commanding more than one-third of global high-tech exports. Putin specifically praised China’s leadership in artificial intelligence patents, India’s robust position in the global software industry, and Russia’s own advancements in digital platforms, financial technologies, and nuclear energy.
The forum also featured insights from other international leaders on regional development and evolving alliances. Uzbekistan President Shavkat Mirziyoyev shared that cooperation with Russia has progressed from standard trade into deep technological alliances and joint industrial projects, with their collaborative portfolio now exceeding 50 billion US dollars. Meanwhile, Tanzanian President Samia Suluhu Hassan highlighted the rising economic importance of Africa, projecting that one in four people globally will be African by 2050 and that the continent will host nearly half of the world’s fastest-growing economies.
Chinese Vice President Han Zheng closed the perspective by advocating for a fairer system of global governance. He stressed that China and Russia remain firmly committed to fostering a multipolar world order grounded in sovereign equality, international law, and genuine multilateral cooperation. The forum concluded with a shared focus on the rapid transformation of the global marketplace and the vital role emerging markets will play in shaping future economic trends.
