Russian President Vladimir Putin took a sharp jab at the G7 nations during the BRICS Business Forum, questioning their global standing while highlighting the rising dominance of the BRICS bloc. Speaking at the leaders' session of the forum, Putin mocked the G7, stating that he doesn't understand why they continue to call themselves the G7 when the BRICS nations now represent 40 percent of the global share, which is Notably higher than that of the G7 countries. His remarks were directed at the group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
The Shift in Global Economic Power
President Putin emphasized that the world is currently witnessing the birth of new engines of growth. He noted that the global landscape is constantly changing, and this evolution is an undeniable reality. According to Putin, the world is passing through a significant phase of transformation, and such changes are essential for the overall well-being of humanity. He pointed out that the BRICS nations have structures and institutions in place that provide high-quality education and training, which he deemed necessary for both humanity and the global economy. He asserted that this process of change is unstoppable and is characterized by large-scale urbanization and the emergence of massive corporations within the BRICS framework.
BRICS Dominance and Market Expansion
During his address, Putin highlighted that the BRICS nations now represent nearly half of the world's population. He stated that the majority of global economic growth in recent times has originated from BRICS countries. He pointed out that the markets within this bloc are exceptionally large and expanding rapidly. Putin reiterated his critique of the G7, noting that while BRICS holds a 40 percent share in various global metrics, the G7's share is lower. He specifically mentioned that 40 percent of global trade is now occurring within the BRICS nations, a fact that has become the reality of the last 5 years as the world continues to shift.
Russia's Nuclear Leadership and Global Competition
The Russian President also spoke about Russia's specific strengths, particularly in the energy sector. He claimed that Russia's nuclear energy company is the largest in the world. Putin acknowledged that competition is a vital component of global progress, but he criticized certain countries for trying to reclaim their past dominance. He suggested that many nations, which previously considered their companies to be the largest and most important, are now struggling to maintain that status, while he mentioned that Russia has put in immense effort, working day and night to build its capabilities, leading to a high level of competition originating from his country.
Criticism of US Sanctions and Industrial Decline
Putin didn't hold back in his criticism of the United States and its use of sanctions, particularly regarding Iran and global infrastructure, while he pointed to the damage caused to pipelines and attacks on shipping vessels as examples of actions taken to protect specific interests. He also highlighted the impact of secondary sanctions. Putin argued that the countries imposing these sanctions are now facing severe industrial setbacks. Citing their own data, he mentioned that some of these nations have seen an 8 percent decline in their industrial output. He stated that their economies are falling as a result of these policies.
Business Diplomacy and the Future of BRICS
Concluding his remarks, Putin stated that as Russia develops its own economy and utilizes business diplomacy, it becomes much easier for Russian entrepreneurs to find international partnerships. He clarified that BRICS isn't working against anyone but is focused on its own interests. He expressed readiness to work with all countries and partners. Putin described BRICS as a vital mechanism that promotes trade and provides an excellent platform for conducting business on a global scale.