Putin says intra-BRICS trade reaches $1.2T

Russian President Vladimir Putin said on Sunday that trade among BRICS countries has reached $1.2 trillion.

Speaking at a meeting of the BRICS Outreach format in New Delhi, Putin said that the population growth rates in the BRICS countries are increasing from year to year, domestic markets are strengthening, and infrastructure of all kinds has been built.

“Domestic trade within our association has already reached $1.2 trillion. The participating countries account for almost a quarter of global exports, and it is the BRICS that provides the main dynamics of global GDP – 49%,” he said.

Putin emphasized that the potential for further development of BRICS is “far from exhausted.”

“One of the main reserves that has not yet been fully utilized is the complementarity of the economies of the participating countries. Differences in their structure and specialization provide ample opportunities for practical cooperation, for the creation of new production chains, technologies, services and markets,” he said.

"In fact, we are talking about forming a common BRICS growth platform that organically combines the competitive advantages of our economies," Putin noted.

The Russian president added that attention to BRICS activities in the world continues to grow.

He said the group's values and ideals were becoming increasingly attractive, adding that BRICS advocates equal and unrestricted opportunities for all countries to achieve social and economic growth.

Putin also said the group was actively contributing to the formation of a more just multipolar world order.