The group’s independent course and commitment to international law appeals to countries around the world, the Russian president has said
International interest in BRICS “continues to grow” as the group’s values and independent approach attract countries around the world, Russian President Vladimir Putin said on Sunday.
Speaking at a BRICS Outreach/BRICS Plus session that concluded its 18th summit in New Delhi, Putin pointed to the broad participation in the meeting as evidence of its growing appeal.
“Our basic values and ideals, such as commitment to an independent and autonomous course and the desire to resolve problems collectively based on international law and the key provisions of the UN Charter, appeal to many around the world,” he said.
BRICS has expanded significantly beyond its original five members – Brazil, Russia, India, China and South Africa – in recent years and introduced a partner-country category for states seeking closer cooperation without full membership.
Putin described the organization as “one of the powerful driving forces” behind strengthening “genuine multilateralism” and forming a “new, fairer multipolar world order.”
Trade among BRICS members has reached $1.2 trillion, and they account for almost a quarter of global exports and 49% of global GDP growth, according to Putin.
“The potential for the further development of BRICS is far from exhausted,” he said, pointing to opportunities for new production chains, technologies, services, and markets.
BRICS countries have also developed their own channels for moving goods, services, and capital, allowing financial and commercial operations to be conducted “without paying attention to external pressure,” Putin said.
He urged participants to consider Russian proposals for “building BRICS payment and settlement-depository infrastructure,” as well as establishing a reinsurance mechanism and a grain exchange.
Practical steps have already been taken. On the eve of the summit, the Russian Direct Investment Fund, BRICS Pay and BRICS Pay India agreed to explore integrating the payment platform with India’s existing infrastructure and to prepare pilot cross-border payment projects.
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A group-wide payment mechanism has yet to be launched, however. The New Delhi Declaration said the BRICS Payment Task Force would continue seeking practical solutions for cross-border transactions.
