MOSCOW, Oct 19: Ahead of the 16th BRICS Summit that opens in the Russian city of Kazan, President Vladimir Putin has said that BRICS countries are working on their own version of Swift for International financial transaction. He also said that the average GDP growth rate of BRICS nations by the end of 2024 is projected at 4%, higher than the global average of 3.2%.
In a meeting with the media ahead of the October 22-24 summit, President Putin said that the BRICS bloc plays a significant role in the global economy, and this role is set to grow further.
He said that BRICS countries are drivers of economic growth, and it is in BRICS that the main global GDP growth will be generated in the coming years, as reported by Sputnik.
He said the economic growth of BRICS countries will depend less and less on external influence. President Putin said the BRICS New Development Bank is an alternative to Western development mechanisms, adding that Russia will expand the capabilities of the New Development Bank, and it should become the main investor in BRICS and the Global South.
Putin noted the importance of close economic partnership between BRICS countries, saying joint work brings tangible results.
On the issue of a unified BRICS currency, he said that it would require thorough economic integration among the BRICS nations.
“Apart from high level of integration among BRICS members, the introduction of a single BRICS currency would involve comparable monetary quality and volume,” Putin said during his meeting with media heads from BRICS countries.
“Otherwise, we will face even bigger issues than those that occurred in the EU,” the Russian president stressed.
He recalled that when a single currency was introduced among EU countries, their economies were neither comparable nor equal.
He also said that BRICS was never meant to be against anyone.
“BRICS doesn’t counterpose itself to anyone, it’s a group of nations that work together and share values,” President Putin said to question. “BRICS is not an anti-Western group, it’s just a non-Western group,” the Russian president summarized, quoting Indian FM Indian FM Jaishankar.
On the de-dollarization question, he said: “We’re taking individual steps, one after another. As regards finance, we did not drop the dollar. The dollar is the universal currency. But it wasn’t us – we were banned and barred from [using] it. And now 95% of all the external trade of Russia is denominated in national currencies. They did it themselves with their own hands. They thought we would collapse.”
He also said that Russia will prevail in the Ukraine conflict.
The Russian army has become one of the most combat effective and high-tech armies in the world, President Putin emphasized.
Regarding the Middle East, he said the Middle East Quartet format that included Russia, the US, the UN and the EU was carrying out tangible work in mediating the Israeli?Palestinian peace process.
“I do not intend to accuse the United States in every aspect here, but unfortunately it was a wrong thing to do to disband the four [the Quartet],” he pointed out.
Among the world leaders expected at the summit are, Indian PM Narendra Modi, Chinese President Xi Jinping, Brazil President Lula da Silva, South Africa President Cyril Ramaphosa, Iranian President Masoud Pezeshkian, UAE President Mohamed bin Zayed, Turkish President Recep Tayyip Erdogan, besides several others.
(UNI)
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