RT quoted Russian Prime Minister Mikhail Mishustin as saying that the share of BRICS countries in global GDP in terms of purchasing power parity (PPP) will continue to increase thanks to new members and will reach about 38% by 2028.
Speaking at the international export forum "Made in Russia" on October 14, Prime Minister Mishustin noted that the share of friendly countries in Russia's foreign trade turnover is constantly increasing and this can also create conditions for the rapid growth of the entire BRICS group.
“This corresponds to objective changes in the global economy, first of all the growing importance of BRICS,” Prime Minister Mishustin said, noting that the G7 will continue to decline in status.
According to data from the International Monetary Fund (IMF), the G7's share of global GDP in PPP terms has been steadily declining over the past few years, from 50.42% in 1982 to 30.39% in 2022 and is expected to fall to 29.44% this year.
Last week, Russian Finance Minister Anton Siluanov said the BRICS countries are the engine of global economic growth. He pointed out that the average annual growth rate of the economies in this group is expected to outperform the G7.
BRICS was only founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2011.
This year, four countries – Egypt, Iran, Ethiopia and the United Arab Emirates (UAE) – officially became BRICS members. Saudi Arabia has also been invited to join the group and attend BRICS meetings, but has not yet become a full member. More than 30 other countries, including NATO member Türkiye, have applied to join.
Most recently, EU candidate country Serbia said it is exploring the possibility of joining BRICS instead of the European Union.
Serbia applied to join the EU in 2009 and has been an EU candidate country since 2012. In the following years, the EU added conditions for Serbia to normalize relations with Kosovo by recognizing the independence of the breakaway province, while demanding that Serbia cut ties and impose sanctions on Russia.
Commenting on Serbia's plans, Russian State Duma (Lower House) Chairman Vyacheslav Volodin said that European countries are beginning to realize that BRICS can ensure global multipolarity.
BRICS members and observers are not being “blackmailed” or asked for “unreasonable conditions for cooperation”, Mr Volodin pointed out. Likewise, their “sovereign affairs” are not being interfered with, he added.
According to Mr. Volodin, the interventionist policies of the US and the EU led to the "reverse effect" of the intended effect and helped facilitate the rapid growth of the BRICS economies.
“The EU is stagnating: GDP in Germany, Austria, Finland, Estonia is falling and industry is suffering significant losses,” said Mr Volodin.
Russia will host the annual BRICS summit at the end of October. Members are expected to approve a new status - BRICS partner country.
