BRICS have dynamic markets, says Putin while slamming G-7, sanctions
Synopsis
Russian President Vladimir Putin hailed BRICS countries for their economic growth and vibrant domestic markets, contrasting them with the G-7. He also slammed the over 30,000 sanctions slapped on Russia over the Ukraine war.
Hailing the contribution of BRICS member states to the world economy, Russian President Vladimir Putin on Friday took potshots at G-7 and said the BRICS countries account for more than half of the world's population and have “dynamic, vibrant, domestic markets". President Putin, who was addressing BRICS Business Forum here, also slammed sanctions on Russia over war with Ukraine and said more than 30,000 sanctions have been slapped on Russia which is twice as much as the number of all sanctions against all other countries of the world combined. President Putin had bilateral meeting with Prime MInister Narendra Modi on Friday ahead of the formal opening of 18th BRICS Summit on Saturday.
BRICS vs G-7 Economy
In his remarks at the BRICS Buiness Forum, Putin described G-7, which includes richest industrialised countries Canada, France, Germany, Italy, Japan, the United Kingdom and the United States, as “so-called G-7”. "Over the last five years, more than 40% of the world's GDP has been produced by the BRICS countries, where the contribution of the so-called G7, the Great 7 - I don't know why they call that - stands at only 29%. Speaking about the growth of the world economy over the same period, we see that more than half of that growth has been accounted for by BRICS, whereas the G7 has only accounted for 18%. Why is that?” he said.
“The answer is simple, BRICS countries account for more than half of the world's population and that is why, they have a great dynamic, vibrant, domestic markets," he added.
Putin on Sanctions and 'Ugly Competition'
Putin slammed US sanctions against Russia and also a bill in the US about possible sanctions on countries including India that import oil from his country. “Sometimes competition is taking some ugly forms. This ugly form is something we see even at the State level, at the government level. Sometimes the measures resorted to are of physical nature, when pipelines are being destroyed, when attempts are undertaken to block international transport corridors to seize maritime vessels, illegal restrictions are applied and there is also the threat of so-called secondary sanctions against those who do not want to follow someone else's interest and rather look after their own,” he said.
“More than 30,000 sanctions have been slapped on Russia which is twice as much as the number of all sanctions against all other countries of the world combined...Against this difficult backdrop, Russia has been working actively and Russia has managed to achieve great success. We have reinforced our national sovereignty, we are developing ties with reliable, predictable partners...During the last three years, the economic growth in Russia has been superior to the world average," he added.
'Profound Shifts' in World Order
Puttin said the world is undergoing structural, deep, profound shifts. “It is explained by the fact that the so-called old leaders which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth. When I say old, this is just a formality - all of us understand what we are talking about,” he said.
“These so-called old leaders are still in possession of great strong suits and well-developed infrastructure, technological advantages, scientific advantages, scientific schools and so on and so forth. That's sad, this isn't the nature of things. This isn't the nature of humanity and the nature of economy. The world is always changing," he added. (ANI)