It is expected that a large share of growth in the coming period will come from the powerful BRICS economies, namely Russia, China, India, Brazil, and South Africa.
Meanwhile, the expected contribution from G7 members such as the United States, Germany and Japan was revised downwards.
Russian President Vladimir Putin announced radical changes in the multipolar world, and said that the BRICS countries are in fact showing their responsibility for the situation in the world.
Putin referred to the strengthening of the authority and influence of BRICS on the global stage, as he said that the association “is developing dynamically, and strengthening its authority and influence in global affairs.”
The Russian President, whose country chaired the BRICS for the current year, proposed “considering the most relevant aspects of the global agenda, and exchanging views on the issue of cooperation between the BRICS countries on the international arena, including resolving acute regional disputes.”
Putin identified three main areas of cooperation between the BRICS countries: politics and security, economy and finance, and cultural and humanitarian contacts. He pointed to the efforts being made to ensure the smooth and full integration of the new participating countries into the work of the Association.
The sixteenth BRICS summit will be held from October 22-24 in Kazan, and the event will be attended by Russian President Vladimir Putin, President of the People’s Republic of China Xi Jinping, Indian Prime Minister Narendra Modi, South African President Cyril Ramaphosa, and Egyptian President Abdel Fattah El-Sisi. Iranian President Masoud Pezeshkian, UAE President Mohammed bin Zayed Al Nahyan, and Ethiopian Prime Minister Abiy Ahmed, while the Brazilian delegation will be headed by Foreign Minister Maruro Luis Iker Vieira.
On October 24, a meeting will be held in the “BRICS+” and “Outreach” format to communicate with approximately 40 leaders of countries representing the Global South and heads of multilateral organizations. It is scheduled to discuss current international issues, with a focus on the situation in the Middle East, as well as the interaction between the BRICS countries and the Global South in favor of sustainable development.
Source: RT
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Interview with Dr. Elena Petrov, Global Economic Analyst
Interviewer: Thank you for joining us today, Dr. Petrov. There’s been significant focus on the BRICS nations—Brazil, Russia, India, China, and South Africa—as potential drivers of global economic growth. Can you elaborate on why these economies are expected to lead this growth?
Dr. Petrov: Thank you for having me. The BRICS nations are characterized by large populations, rich natural resources, and rapidly expanding markets. Their combined economic potential is immense, and they are increasingly attracting foreign investment. In contrast, growth projections for G7 countries are being revised downwards due to various factors, including economic stagnation and demographic challenges.
Interviewer: Russian President Vladimir Putin described recent changes in the multipolar world and emphasized the responsibility of BRICS countries. How would you interpret his remarks?
Dr. Petrov: Putin’s statements reflect a broader recognition of BRICS as not just emerging markets but as key players in the global economy. He points to the growing influence of BRICS on international affairs, suggesting that these countries are stepping up to address global issues, be it economic stability or geopolitical challenges. This shift supports the idea of a multipolar world where power is distributed across various nations rather than concentrated in a few.
Interviewer: Some critics question the cohesiveness of the BRICS bloc, citing political and economic differences among member countries. How do you see the future of BRICS in this context?
Dr. Petrov: While it’s true that BRICS has its challenges—such as differing political ideologies and economic conditions—these countries also share common interests in promoting economic cooperation and reducing reliance on Western powers. As long as they can focus on areas of mutual benefit, such as trade and investment, BRICS can continue to grow in influence and effectiveness.
Interviewer: Lastly, what implications do these developments have for global economics and politics in the near future?
Dr. Petrov: The rise of BRICS may lead to a shift in global economic power dynamics, potentially diminishing the influence of traditional powers like the G7. This could result in more diversified trade agreements and alliances, along with increased competition for resources. Politically, we may witness enhanced cooperation among BRICS nations on key issues, fostering a more balanced international order.
Interviewer: Thank you, Dr. Petrov, for your insights on this important topic.
Dr. Petrov: My pleasure. Thank you for having me.
Interviewer: That’s an interesting perspective. With the upcoming BRICS summit in Kazan, what key topics do you expect will dominate the discussions, particularly regarding collaboration among BRICS nations?
Dr. Petrov: Given the current geopolitical climate, I anticipate that the discussions will revolve around three main areas highlighted by President Putin: politics and security, economic cooperation, and cultural exchanges. The situation in the Middle East will be particularly pressing, especially considering the ongoing conflicts and humanitarian issues there. Additionally, the summit will likely focus on ways to bolster economic ties among BRICS nations to enhance stability and growth, particularly through initiatives that support sustainable development.
Interviewer: How do you see the interaction between BRICS and the Global South during the ‘BRICS+’ meeting planned for October 24?
Dr. Petrov: The ‘BRICS+’ meeting is crucial for reinforcing the solidarity among developing nations. By engaging approximately 40 leaders from the Global South, BRICS can present itself as a leader advocating for their interests on the global stage. This is an opportunity to discuss shared challenges and opportunities for mutual support in areas like sustainable development, trade, and investment. Such interactions are essential for redefining global economic narratives and fostering inclusivity in international policymaking.
Interviewer: Lastly, what are the potential implications of this shift towards BRICS for the traditional economic powers, especially the G7?
Dr. Petrov: The rise of BRICS poses a significant challenge to the G7’s traditional dominance in the global economic landscape. As BRICS nations grow in influence, we may see a shift in global governance structures and trade dynamics, leading to more multipolar arrangements. The G7 might need to reconsider its strategies and adapt to this new reality by finding ways to collaborate with emerging economies rather than viewing them solely as competitors. This evolution could lead to more balanced global economic relations and a reallocation of resources and influence.
Interviewer: Thank you, Dr. Petrov, for your insights on this evolving economic landscape. It will be interesting to see how these developments unfold in the coming months.
Dr. Petrov: Thank you for having me. I look forward to the ongoing developments and their impact on global economics.