BRICS: Shaping the Future of Global Economics

The BRICS group, comprising Brazil, Russia, India, China, and South Africa, along with new members Egypt, Ethiopia, Iran, and the UAE, is set to become the primary engine of global economic growth. Russian President Putin aims to strengthen BRICS as a geopolitical and economic counterweight to the West.

The BRICS coalition, forecasted by Russian President Vladimir Putin to spearhead global economic expansion, is poised to surpass Western nations in growth because of its substantial size and rapid development. Putin envisions BRICS as a formidable force against Western influence in international politics and commerce.

In efforts to solidify its position, the group, which has recently expanded to include Egypt, Ethiopia, Iran, and the UAE, is preparing for a pivotal summit in Kazan. Scheduled for October 22-24, the event is viewed by Russia as a testament to its resilience amid Western attempts to isolate it over Ukraine.

Key initiatives on the agenda include the establishment of a cross-border payments system, the creation of a reinsurance company, and enhanced investments by the New Development Bank in technology and infrastructure across the Global South. Putin highlighted ambitious transport projects like the Arctic Sea Route and the strategic North-to-South corridor.

(With inputs from agencies.)