Moscow - Saba:
Russian President Vladimir Putin affirmed that the final statement of the BRICS summit in Rio de Janeiro, Brazil, provides a basis for joint action.
In his speech at the BRICS summit, Putin expressed his hope that the document would establish a solid foundation for joint action in the traditional spirit of continuity and equal cooperation, according to the Russian news agency TASS on Monday. The president also thanked his BRICS colleagues for their fruitful and constructive interaction.
In addition, according to Putin, settlements in national currencies among BRICS countries are steadily increasing.
Putin emphasized in his speech that the liberal globalization model conceived by the West has outlived its usefulness, and that the shift of trade activity to developing countries is stimulating strong economic growth, including in the BRICS countries.
The Russian president said, "The global economic system is undergoing constant change. All indications are that the liberal globalization model is becoming obsolete. The center of trade activity is shifting toward developing markets, triggering a powerful growth wave, including in the BRICS countries."
Putin also previously noted that the BRICS countries represent 40% of the global economy, with the combined GDP of the bloc amounting to $77 trillion. This is significantly higher than the G7 index, as the combined GDP of the G7 countries is only $57 trillion.
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