MOSCOW: Russian President Vladimir Putin said the global trading system is becoming less Western-centric, citing the growing role of BRICS countries in world trade. Speaking at the plenary session of the 29th St. Petersburg International Economic Forum, Putin said the BRICS countries’ share in global merchandise trade has more than doubled over the past 25 years.
Last year, BRICS countries accounted for nearly a quarter of global exports and the figure continues to grow, he said. He added that trade turnover between BRICS member states has increased over the past year and now exceeds US$1 trillion annually.
According to the Russian president, international trade is becoming more efficient through the expansion of direct supplies without unnecessary intermediaries, the development of payments in national currencies, and the opening of new transport routes.
Translated by Chhouk Bora
