Russia claims BRICS bloc now outstrips G7 in purchasing power

MOSCOW – Yury Ushakov, the Russian presidential aide for foreign affairs, announced that the BRICS nations have eclipsed the G7 in terms of purchasing power parity, emphasizing that the bloc’s focus is not on competing with Western countries. In a TASS news agency interview, Ushakov highlighted that enhancing collaboration with BRICS aligns with Russia’s strategic foreign policy goals, aiming to contribute to a balanced multipolar world.

Russia, holding the BRICS chairmanship from January to December 2024, plans to focus on politics and security, economic and financial issues, and cultural and humanitarian connections. The country is set to host over 250 events across more than ten cities, with the highlight being the BRICS summit in Kazan from October 22 to 24, marking the first summit in an expanded format with ten member states.

Ushakov pointed out the significant growth of BRICS, which now represents a considerable portion of the global GDP and population, surpassing the G7. He noted the bloc’s substantial contributions to global oil production and exports, emphasizing its increasing influence and the interest of other countries in joining.

Despite its success, Ushakov mentioned that Western countries view the expansion of BRICS with jealousy and have attempted to undermine the bloc. However, he clarified that BRICS does not seek competition or opposition to the West. Financial goals include enhancing the BRICS’ role in the international monetary system and developing an independent payment system, alongside initiatives to improve transportation and logistics efficiency.

Ushakov also highlighted ongoing projects like the implementation of a satellite cooperation agreement, promoting an AI ethics code, and enhancing collaboration in scientific and medical fields for early warning of mass infection risks. Although there are no plans for military cooperation, BRICS will continue to address global challenges through regular meetings of foreign ministers and security officials.

BRICS, initially formed by Brazil, Russia, India, and China in 2009 and expanded with South Africa in 2011, welcomed six more countries in December 2023 but decided to retain the BRICS acronym. Future criteria for new members are under consideration, but no immediate expansions are planned.– Web Desk