BRICS countries contribute 35% to the world's GDP, surpassing the Group of Seven (G7), which accounts for 30%, according to Russian Deputy Foreign Minister Alexander Pankin. Speaking at a round table in the Federation Council, Pankin emphasized the significant economic influence of the BRICS nations.
“Despite not being widely publicized, the BRICS countries now represent 35% of the world’s GDP, compared to the G7’s 30%,” - Pankin stated. - “This marks a remarkable shift, considering the economic landscape 30-40 years ago.”
Pankin highlighted the increasing importance of intra-South trade, which now exceeds trade between the South and North. This shift challenges the traditional notion that developing countries primarily trade with Western counterparts.
“We are committed to diversifying international cooperation globally, focusing on regions like Asia, Africa, and Latin America. This involves establishing logistics, production, household, and transportation chains that are less influenced by Western countries and their institutions," Pankin added.
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Photo: brics-russia2020.ru/Creative Commons 4.0
Based on materials from TASS