Russian President Vladimir Putin has asserted that BRICS nations are rapidly transforming the global economic landscape, contributing nearly half of annual global GDP growth over the past five years and strengthening their position in international trade and technology.

Speaking at the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF) in Russia, Putin said the grouping has evolved into one of the most influential forces in the world economy, with its share of global output and trade expanding significantly.

The remarks came during a session focused on the changing structure of the global economy and the increasing role of emerging markets in driving future growth.

BRICS Expands Economic And Trade Influence

Addressing delegates, Putin said BRICS countries now account for approximately 40 per cent of global gross domestic product when measured in purchasing power parity terms.

He noted that the bloc’s role in international commerce has grown substantially over the years. According to Putin, the share of BRICS in global merchandise trade has more than doubled since the grouping was established, while trade among member countries has crossed the USD 1 trillion mark.

“The world becomes fairer when economic growth embraces billions of people who were previously on the periphery of the global economy,” Putin said.

The Russian President further stated that BRICS nations have been responsible for 49 per cent of global GDP growth in recent years, underscoring the growing economic weight of emerging economies amid shifts in global trade and investment patterns.

Technology Becomes A Key Pillar Of BRICS Growth

Putin also highlighted the technological capabilities of BRICS members, saying the bloc now accounts for more than one-third of global high-tech exports.

He pointed to China’s leadership in artificial intelligence patents and innovation, while praising India’s position as a major player in the global software industry. Russia, he said, has developed strong expertise in digital platforms, financial technologies and nuclear energy.

The Russian leader argued that technological cooperation among BRICS members is becoming increasingly important as countries seek to diversify supply chains, strengthen innovation ecosystems and reduce dependence on traditional economic centres.

His comments reflected a broader trend among emerging economies to invest heavily in advanced technologies, digital infrastructure and industrial modernisation to sustain long-term growth.

Leaders Back Multipolar Economic Order

Other world leaders participating in the session echoed the theme of greater cooperation among emerging economies.

Uzbekistan President Shavkat Mirziyoyev said ties between Uzbekistan and Russia have expanded beyond conventional trade relations into technological partnerships, industrial cooperation and joint manufacturing projects. He revealed that the portfolio of joint projects between the two countries now exceeds USD 50 billion.

Tanzanian President Samia Suluhu Hassan highlighted Africa’s growing significance in the global economy. She noted that by 2050, one in four people worldwide will be African and that the continent is expected to host nine of the world’s 20 fastest-growing economies.

Chinese Vice President Han Zheng called for reforms in global governance and advocated a more balanced international system. He said China and Russia remain committed to promoting a multipolar world order based on sovereign equality, international law and genuine multilateral cooperation.

The discussions at SPIEF reflected a broader shift in global economic power towards emerging markets, with BRICS countries increasingly positioning themselves as major drivers of trade, technology and economic growth in the decades ahead.

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