New Delhi: Prime Minister Narendra Modi, Russian President Vladimir Putin and other BRICS leaders on Friday discussed global trade, economic cooperation and the changing balance of the world economy at the BRICS Business Forum.
Putin delivered one of the most pointed remarks, arguing that the economic weight of BRICS countries was increasingly surpassing that of the G7.
“The West is now becoming weaker. I don’t know why these countries call themselves the G7,” Putin said, according to the statement cited in the report. He claimed that BRICS countries account for more than 40% of global GDP, compared with around 29% for the G7.
Putin also put BRICS’ share at around 40% of the global economy on a purchasing power parity (PPP) basis, compared with about 18% for the G7.
However, the two groupings have different areas of economic strength. While BRICS has the advantage of a large population, natural resources and several rapidly growing economies, the G7 continues to wield significant influence through the US dollar, global banking, investment and technology.
Modi calls for secure maritime routes
Addressing the forum, Modi said BRICS countries represent around half of the world’s population and account for about 40% of global GDP.
He said India wanted to expand trade and stressed the importance of safe and secure maritime routes for achieving that goal.
On global conflicts, Modi said disputes could be resolved only through dialogue and diplomacy, adding that India was ready to contribute to peace efforts.
Iranian President Masoud Pezeshkian called for greater use of local currencies in trade among BRICS members.
South African President Cyril Ramaphosa stressed the need for greater investment in Africa, arguing that countries benefiting from the continent’s mineral resources must also invest in African economies.
The discussions reflected BRICS’ push for greater economic cooperation and a larger role for emerging economies in the global trading system.
