Putin says BRICS, not the West, will drive global economic growth

The BRICS radical volition make astir of the planetary economical maturation successful the coming years acknowledgment to its size and comparatively accelerated maturation compared with that of developed Western nations, Russian President Vladimir Putin said connected Friday.

Putin hopes to physique up BRICS - which has expanded to see Egypt, Ethiopia, Iran and the United Arab Emirates arsenic good arsenic Brazil, Russia, India, China and South Africa - arsenic a almighty counterweight to the West successful planetary authorities and trade.

The Kremlin person is owed to big a BRICS acme successful the Russian metropolis of Kazan connected Oct. 22-24.

"The countries successful our relation are fundamentally the drivers of planetary economical growth. In the foreseeable future, BRICS volition make the main summation successful planetary GDP," Putin told officials and businessmen astatine BRICS concern forum successful Moscow.

"The economical maturation of BRICS members volition progressively beryllium little connected outer power oregon interference. This is fundamentally economical sovereignty," Putin added.

Next week's acme is being presented by Moscow arsenic grounds that Western efforts to isolate Russia implicit its actions successful Ukraine person failed.

Russia wants different countries to enactment with it to overhaul the planetary fiscal strategy and extremity the dominance of the U.S. dollar.

China, India and the UAE confirmed connected Friday that their leaders would be the acme successful Kazan.

Putin said 30 countries astir the satellite had expressed involvement successful practice with the BRICS grouping and that adjacent week's acme would see imaginable options for the group's further enlargement.

Cuba plunged into a countrywide blackout aft the illness of 1 of its large powerfulness plants Friday.

"The doors are open, we are not barring anyone," Putin told reporters from BRICS countries .

Putin cited immoderate of the initiatives that Russia has antecedently outlined up of the summit, including a associated cross-border payments strategy and a reinsurance company.

Putin said that radical members were moving connected a SWIFT-like fiscal messaging strategy immune to Western sanctions and the usage of nationalist integer currencies successful financing concern projects with precocious maturation imaginable wrong and extracurricular BRICS.

He stressed that Russia's fiscal initiatives for the acme implied the extended usage of nationalist currencies, portion speech of creating a azygous currency for the BRICS grouping was "premature".

He called connected the New Development Bank, the BRICS' lone functioning multilateral improvement institution, to put successful exertion and infrastructure crossed the countries of the Global South.

"As a improvement institution, the slope already serves arsenic an alternate to galore Western fiscal mechanisms, and we volition people proceed to make it," Putin said. He called for much concern successful e-commerce and artificial intelligence.

Putin sought to beforehand Russia's caller transport megaprojects specified arsenic the Arctic Sea Route and the North-to-South corridor, linking Russia to the Gulf and Indian Ocean done the Caspian Sea and Iran.

"It is the cardinal to expanding freight proscription betwixt the Eurasian and African continents," helium said.