{"id":3286,"date":"2024-10-23T16:57:37","date_gmt":"2024-10-23T16:57:37","guid":{"rendered":"http:\/\/bnchmrk.me\/?p=3286"},"modified":"2024-10-24T00:59:31","modified_gmt":"2024-10-24T00:59:31","slug":"multipolar-world-order-leading-role-of-emerging-economies-and-western-debt-key-takeaways-from-putins-brics-address","status":"publish","type":"post","link":"http:\/\/bnchmrk.me\/index.php\/2024\/10\/23\/multipolar-world-order-leading-role-of-emerging-economies-and-western-debt-key-takeaways-from-putins-brics-address\/","title":{"rendered":"Multipolar world order, leading role of emerging economies, and Western debt: Key takeaways from Putin\u2019s BRICS address"},"content":{"rendered":"

The Russian president\u2019s speech in Kazan focused on the group\u2019s financial integration and new development prospects<\/strong><\/p>\n

Russian President Vladimir Putin addressed a meeting of leaders at the BRICS Summit in Kazan on Wednesday. In his speech, he focused on the growing role and prospects of the economic group, and warned about the risks to the global economy\u00a0from Western sanctions and protectionist policies.<\/p>\n

Putin also announced Russia\u2019s initiatives within the BRICS framework, including the formation of a grain exchange and a new investment platform.<\/p>\n

Here are the key takeaways from the president\u2019s address.<\/p>\n

Multipolar world order being formed<\/strong><\/p>\n

World trade and the global economy as a whole are undergoing significant changes, the Russian president told the extended-format BRICS meeting. The center of business activity is gradually shifting towards developing markets, he added. \u201cA multipolar model is being formed, which is launching a new wave of growth, primarily due to the countries of the Global South and East \u2013 and, naturally, the BRICS countries.\u201d<\/em><\/p>\n

Leading role of BRICS<\/strong><\/p>\n

\n Read more<\/strong><\/span><\/p>\n

\n \"President
BRICS to make \u2018important decisions\u2019 in Kazan \u2013 Putin<\/a><\/figcaption><\/figure>\n<\/blockquote>\n

The BRICS economies have been demonstrating \u201csufficient stability\u201d<\/em> due to responsible macroeconomic and fiscal government policies, the Russian leader said, noting accelerated growth rates are expected in the medium term. Putin cited preliminary estimates that average BRICS country economic growth in 2024-2025 will be 3.8%, compared to global figure\u00a0of 3.2-3.3%.<\/p>\n

The BRICS countries\u2019 share of global GDP in terms of purchasing power parity (PPP) will amount to 36.7% by the end of 2024 and will continue to expand, Putin predicted. Meanwhile, the share of the Group of Seven (G7) leading Western economies is projected to account for slightly above 30%.<\/p>\n

\u201cThe trend for the BRICS\u2019 leading role in the global economy will only strengthen,\u201d<\/em> Putin said, citing population growth, capital accumulation, urbanization, and increased labor productivity, accompanied by technological innovations as key factors.<\/p>\n

West\u2019s unilateral sanctions and debt burden<\/strong><\/p>\n

The Russian president warned of a potential new global crisis, citing the growing debt burden in developed countries, unilateral sanctions, and protectionist policies as key threats. \u201cThese factors are fragmenting international trade and foreign investment, particularly in developing nations,\u201d<\/em> Putin said.<\/p>\n

He also pointed to high commodity price volatility and rising inflation, which are eroding incomes and corporate profits in many countries. Putin\u2019s remarks also highlighted concerns over escalating geopolitical tensions and their impact on global economic stability.<\/p>\n

New BRICS investment platform as a powerful tool<\/strong><\/p>\n

\n Read more<\/strong><\/span><\/p>\n

\n \"RT\"
Putin proposes new economic strategy for BRICS<\/a><\/figcaption><\/figure>\n<\/blockquote>\n

The Russian leader said that to fully realize the potential of the BRICS countries\u2019 growing economies, the member states should intensify cooperation in areas such as technology, education, resources, trade and logistics, finance, and insurance, as well as increasing the volume of capital investment many times over.<\/p>\n

\u201cIn this regard, we propose creating a new BRICS investment platform, which would become a powerful tool for supporting our national economies and would also provide financial resources to the countries of the Global South and East,\u201d<\/em> Putin said.<\/p>\n

BRICS-based grain exchange <\/strong><\/p>\n

The Russian leader proposed a common BRICS grain exchange to protect trade between members from excessive price volatility. BRICS countries are \u201camong the world\u2019s largest producers of grain, vegetables, and oilseeds,\u201d <\/em>he noted. Such a bourse could be expanded to trade in other major commodities such as oil, gas and precious metals, Putin said.<\/p>\n

The initiative is aimed at protecting national markets from negative external interference, speculation and attempts to cause artificial shortages of food products, according to Putin.<\/p>\n

AI alliance of BRICS<\/strong><\/p>\n

Putin also proposed\u00a0a BRICS AI alliance to regulate the technology\u00a0and prevent its illegal deployment. \u201cIn Russia, the business community has adopted a code of ethics in this area, which our BRICS partners and other countries could join,\u201d<\/em> Putin noted.<\/p>\n

Other proposals<\/strong><\/p>\n

\n Read more<\/strong><\/span><\/p>\n

\n \"Indian
Xi and Modi hold talks at BRICS Summit in Russia<\/a><\/figcaption><\/figure>\n<\/blockquote>\n

The president also spoke about increasing transport connectivity between BRICS countries, saying this could provide additional opportunities for growth and diversification of mutual trade.<\/p>\n

\u201cSuch promising projects as the formation of a permanent BRICS logistics platform, preparation of a review of transport routes, opening of an electronic communications platform for transport, and establishment of a reinsurance pool are being discussed,\u201d<\/em> Putin said.<\/p>\n

The issues related to the transition of the global economy to low-emission development models are very important, according to the Russian president. The BRICS contact group on climate and sustainable development is closely involved in this work and will continue to counteract attempts by some countries to use the climate agenda to eliminate competitors from the market, he said. \u201cWe consider the initiatives on the BRICS partnership on carbon markets and the climate research platform to be promising,\u201d<\/em> Putin concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Russian president\u2019s speech in Kazan focused on the group\u2019s financial integration and new development prospects Russian President Vladimir Putin addressed a meeting of leaders at the BRICS Summit in Kazan on Wednesday. In his speech, he focused on the growing role and prospects of the economic group, and warned about the risks to the…<\/p>\n","protected":false},"author":1,"featured_media":3276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11],"tags":[],"_links":{"self":[{"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/posts\/3286"}],"collection":[{"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/comments?post=3286"}],"version-history":[{"count":2,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/posts\/3286\/revisions"}],"predecessor-version":[{"id":3291,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/posts\/3286\/revisions\/3291"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/media\/3276"}],"wp:attachment":[{"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/media?parent=3286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/categories?post=3286"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/bnchmrk.me\/index.php\/wp-json\/wp\/v2\/tags?post=3286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}