BRICS driving global growth, accounts for over one-third of high-tech exports: Putin
Moscow, June 8
Russian President Vladimir Putin has said BRICS nations are becoming a major force in the global economy, accounting for nearly half of annual global GDP growth over the past five years and significantly expanding their share of high-tech exports.
Addressing the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF), Putin noted that BRICS now contributes around 40 per cent of global GDP in purchasing power parity terms. "During the existence of BRICS, its share of global merchandise trade has more than doubled, while intra-BRICS trade has already exceeded USD 1 trillion," he said.
Highlighting the bloc's technological strength, Putin said BRICS countries now account for more than one-third of global high-tech exports. He pointed to China's leadership in artificial intelligence patents, India's strong position in the global software industry, and Russia's advances in digital platforms, financial technologies, and nuclear energy, as reported by TV BRICS.
"The world becomes fairer when economic growth embraces billions of people who were previously on the periphery of the global economy," Putin said, adding that 49 per cent of global GDP growth in recent years has come from BRICS countries.
Uzbekistan President Shavkat Mirziyoyev, who also addressed the session, said cooperation with Russia has evolved beyond trade into "technological alliances, industrial chains and joint production projects." He noted that the portfolio of joint Russia-Uzbekistan projects now exceeds USD 50 billion.
Tanzanian President Samia Suluhu Hassan highlighted Africa's growing economic importance, stating that by 2050, one in four people globally will be African and the continent will host nine of the world's 20 fastest-growing economies.
Chinese Vice President Han Zheng stressed the need for a fairer system of global governance, saying China and Russia remain committed to promoting a multipolar world order based on sovereign equality, international law, and genuine multilateral cooperation.
The session focused on the transformation of the global economy and the growing role of emerging markets in shaping future growth.
— ANI
Reader Comments
Brilliant! For too long, the world economy was dominated by a few Western nations. BRICS is truly giving a voice to the Global South. India should leverage this platform more aggressively for technology transfers and trade deals. 🇮🇳
I'm cautiously optimistic. While BRICS growth is impressive, we must ensure our own domestic industries aren't left behind. The focus should be on creating jobs here at home, not just competing globally. Still, it's a positive sign for India's tech sector.
Interesting to see Putin's comments, but I wonder about the actual ground realities. GDP in PPP terms can be misleading. Still, it's undeniable that emerging economies are rising. India's software exports are a great example of this.
This is the future. BRICS nations understand the needs of developing countries better than the IMF or World Bank ever did. India should deepen its ties with Russia and China here, despite the geopolitical noise from the West. Jai Hind!
Respectfully, I think we focus too much on exports. India's high-tech exports are mostly in IT services, not products. We need more patent-driven innovation and hardware manufacturing. But yes, BRICS is a powerful bloc for the future! 💪
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