BRICS to Boost Economic Growth and Reduce Dollar Reliance, Putin Declares

• BRICS aims to generate significant global economic growth, emphasizing sovereignty and independence from external influences.
• The Kazan summit will explore potential new memberships, with over 30 countries expressing interest in collaboration with BRICS.
• Initiatives include a digital currency framework and a cross-border payments system to enhance economic ties among member states.

Russian President Vladimir Putin focused on the role of BRICS countries in boosting the global economy during a business forum in Moscow. The new large group, comprised of Egypt, Ethiopia, Iran, and the UAE, is expected to become a sharp counterpoint to the Western economic power.

BRICS Growth Potential

Putin emphasized that the combined GDP of the BRICS countries will increase its share of the world’s economy in the coming years. He said these Nations will continue to depend on their economic self-reliance. The BRICS nations are presenting themselves as capable of offering an alternative to the failing developed Western economies with higher growth rates.

The application of the bloc’s objectives will be further affirmed at the next BRICS summit, which will be held in Kazan, Russia, from October 22 to 24. Putin argued at the summit that the West’s attempts to isolate Russia after the Crimean events have not succeeded. Both the Chinese and Indian heads of state and the UAE agreed to participate in this meeting, which is crucial for the unity of the BRICS countries.

Putin outlined various initiatives to reduce reliance on the U.S. dollar and Western financial systems. These include a proposed cross-border payments system and a SWIFT-like financial messaging system that BRICS members are developing. Additionally, he mentioned the potential for utilizing national digital currencies to finance high-growth investment projects.

Digital Currency Initiatives

The discussion also centered on adopting digital currencies within the BRICS framework. Putin noted that these currencies could serve both BRICS countries and developing economies, facilitating smoother transactions and investments. The launch of the BRICS Pay platform aims to enhance cross-border transactions while reducing dependence on Western financial infrastructure.

Putin emphasized that over 30 countries have shown interest in collaborating with BRICS, with the Kazan summit serving as a platform for new memberships. He reiterated that BRICS is open to expansion and collaboration.