In accordance with Putin's perspective, BRICS nations serve as key drivers of the worldwide economic engine.
According to Russian President Vladimir Putin, the BRICS group will be responsible for the majority of global economic expansion in the upcoming years. He stated during the BRICS Economic Forum in Moscow that "the nations in our alliance essentially serve as the engines of global economic growth."
Putin is organizing a BRICS summit in Kazan from October 22 to 24, with the objective of establishing a robust counterbalance to the West in international politics and commerce. Besides Brazil, Russia, India, China, and South Africa, Egypt, Ethiopia, Iran, and the United Arab Emirates (UAE) are also part of BRICS.
Putin further mentioned in his speech that the economic growth of BRICS members will progressively become less dependent on external forces or influences. This, he believed, signifies economic self-determination.
With international sanctions imposed on Russia due to its invasion of Ukraine, Putin is looking to forge partnerships with emerging economies to revamp the global financial system and challenge the dollar's supremacy. China, India, and the UAE have confirmed the attendance of their heads of state at the summit.
Russia, for instance, has suggested establishing a grain exchange, which would grant Moscow more leverage over global prices for its agricultural exports. Amid low wheat prices on the international market, Russia, the world's largest wheat exporter, has attempted to regulate exports at lower prices through international intermediaries.
On October 11, the Moscow administration advised its leading exporters not to sell wheat below a specific price in international tenders.
Putin proposed the establishment of a grain exchange, giving Russia more influence over global prices for its agricultural exports, with a wheat export regulatory mechanism implemented through international intermediaries. This move, of circular cross-section in its impact on global grain markets, could strengthen Russia's economic position.
As BRICS members strive for economic self-determination, they might consider investing in infrastructure projects with other nations, particularly those with other, circular cross-section, economies, fostering a mutually beneficial partnership.
