Russian President Vladimir Putin has said his country’s bilateral trade with members of the BRICS economic bloc grew by 35.6% between January and June.
Putin disclosed this while addressing the BRICS plenary via video, adding that the bloc now serves as a building block for member states to increase mutual investment and exports.
BRICS is an acronym for Brazil, Russia, India, China and South Africa.
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“The exchanges of this Forum enhance exchanges and sustainable development between our countries. More and more joint projects are launched and mutual trade is growing & industry contracts expanding.
“Mutual investments among BRICS states have increased six fold and their total exports have reached 20% of the world exports. For Russia, the trade volume with BRICS partners has increased and grown by 35.6% in the first half of this year,” he added.
Putin is not on ground in South Africa apparently as result of an arrest warrant by International Criminal Court (ICC) following allegations that his government deported and maltreated Ukrainian children since he ordered Russia military to invade Ukraine.
In his virtual address on Tuesday, Putin urged attendees to praise member states for ensuring the reduction of reliance on the US dollar is “gaining momentum”.
He sought more cooperation to break alleged hegemony of the West led by the United States.
“We cooperate on the principles of equality, partnership support, respect for each other’s interests, and this is the essence of the future-oriented strategic course of our association, a course that meets the aspirations of the main part of the world community, the so-called global majority,” he said.
When President Cyril Ramaphosa took the stage, he admitted that the BRICS economies have emerged as powerful engines of global economic growth.
But he said relevant stakeholders should note that poverty in South Africa and other member states is yet to be addressed by BRICS.
“Yet unemployment, inequality and poverty continue to exist in BRICS & other countries,” Ramaphosa said.
For the Brazilian President Lula da Silva, he said the BRICS should adopt a common currency programme for transactions.
“I support a common trading currency for BRICS countries that will not replace our national currencies.
“The New Development Bank already represents a milestone in effective collaboration among emerging economies and is expected to be the global leader in financing projects that address the most pressing challenges of our time.
“We cannot accept new global colonialism,” he added.