Speaking at the BRICS Business Forum in 2023, Russian President Vladimir Putin highlighted that the group of five countries—Brazil, Russia, India, China, and South Africa—has gained prominence and that its objectives now represent those of the majority of the global community.

“The data speaks for itself. Mutual investments among the BRICS nations have multiplied six-fold during the past ten years. Their entire exports have surpassed 20% of worldwide exports, and their overall investments in the global economy have doubled, according to Putin.

“I would also like to note out that the BRICS countries’ contribution of the global GDP now stands for close to 26%, with their combined population of more than three billion people; our five countries are ahead of the G7 in terms of purchasing power parity( the forecast for 2023 is 31.5% against 30%

However, Putin emphasised that in order for the BRICS community to increase its economic integration and alliances, they would need to find ways to get through the many obstacles that the west has created in the globe today.

These difficult and complex tasks must be undertaken in light of the rising volatility of the stock, currency, energy, and food markets, as well as the significant inflationary pressure brought on, among other things, by a number of countries’ reckless large-scale money creation in an effort to lessen the effects of the pandemic, which has resulted in the accumulation of private and public debt.

In his remarks on sanctions, Putin stated:

The illegal use of sanctions and the freezing of sovereign state assets has a significant impact on the global economy. In essence, these practises amount to a trampling of all the fundamental principles of free trade and economic life, principles that, not long ago, seemed unalterable.

The share of U.S. dollars in BRICS export and import activities is decreasing, he added, signalling progress in the dedollarization of the group. It was only 28.7 percent in 2022.

In addition, we will go into great detail during this summit about all of the challenges related to the switch to national currencies in all of our five countries’ economic cooperation. In these endeavours, the BRICS New Development Bank, which has already established itself as a reliable rival to current Western development organisations, is crucial.