“The state of the world economy is worrying … It is symptomatic that international trade is no longer the engine of economic growth and that it is bearing an increasing burden of protectionism, political restrictions and of obstacles, “said the Russian leader.
Vladimir Putin also called on members of the BRICS community to increasingly use national currencies in international transactions in order to stabilize their course. In particular, he paid tribute to the BRICS ‘new Development Bank (NDB), which has already financed 35 investment projects worth more than $ 9 billion.
Based in Shanghai, the NDB finances infrastructure and sustainable development projects in emerging economies. It was created in 2014 and officially began operating a year later.
Like Indian Prime Minister Narendra Modi, Vladimir Putin has flown to the aid of the World Trade Organization (WTO) and said that “any attempt to destroy the WTO or reduce its role” would be counterproductive and would plunge the world in commercial disputes. Narendra Modi also called for a reform of the organization “to achieve a balanced development of the global economy so that growth benefits everyone.”
In a transparent allusion to the policy followed by the US administration, Chinese President Xi Jinping has described protectionism as a source of instability for the global economy, calling for joint efforts to protect members of the US Such risks. According to him the BRICS should “increase [their] resilience and [their] ability to cope with external risks” that have an impact on “the common interests [of Brics] and threaten peace and stability in the world”.
The group of five BRICS countries represents more than 40% of the world’s population. The five countries have a combined gross domestic product of $ 18.6 trillion, which represents about 23 percent of the world’s gross product. According to estimates by the International Monetary Fund, Member States are responsible for more than half of the world’s economic growth over the last 10 years.
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