Meeting of the 18th BRICS Summit in the BRICS Outreach/Plus format

Vladimir Putin attended the meeting of the 18th BRICS Summit in the BRICS Outreach/Plus format and delivered his remarks. The meeting took place at the Bharat Mandapam congress and exhibition complex in New Delhi.

The heads of delegation participating in the summit posed for a group photo ahead of the event.

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President of Russia Vladimir Putin: Prime Minister Modi, colleagues, friends.

I would like to extend my warm welcome to all the participants in this BRICS Outreach/Plus format. This format has gained authority, offering opportunities for direct and open dialogue between the equal members of BRICS and partner countries, as well as with other states and multilateral organisations interested in cooperation with this group.

The broad representation at today’s meeting confirms that the international community’s interest in BRICS continues to grow. Our fundamental values and ideals – such as commitment to an independent and autonomous course, striving to solve problems collectively while relying on international law and the key provisions of the UN Charter – appeal to many in the world.

The BRICS group has always advocated that all countries without exception should have equal and unlimited opportunities for consistent and balanced economic and social growth, for ensuring their populations’ wellbeing, while being able to preserve unique national cultures and traditions and to adhere to their own sovereign development models.

The theme of our meeting, proposed by Mr Modi, fits well into this context. It allows us to discuss what more our countries can do together for global stability and security, and to foster inclusive international economic development.

I would like to emphasise that today BRICS is a powerful driving force behind the strengthening of genuine multilateralism in international relations, and plays a major role in shaping a new, fairer and multipolar world order.

It is worth noting that the BRICS nations are seeing steady population growth and strengthening domestic markets; they have established robust industrial, technological, financial and academic hubs, as well as modern transport, energy and digital infrastructure. Trade within our association has already reached $1.2 trillion. Member states account for almost a quarter of global exports, and it is BRICS that, at 49 percent, provides most of global GDP growth.

That said, the potential for the further development of BRICS is far from exhausted. One of the main untapped resources so far is the complementarity of the member states’ economies. The differences in their structure and specialisation offer vast opportunities for practical cooperation, for creating new production chains, technologies, services, and markets.

In essence, the goal is to establish a common growth platform for BRICS that would organically integrate the competitive advantages of our economies.

I must emphasise that it is crucial to build this platform on the principles of openness and accessibility, not only for BRICS members, but for all our partners and friends. I am confident that this is precisely what will happen.

The states within our group possess their own channels for the movement of goods, services and capital, which are independent of external market conditions. These already enable us to conduct commercial, banking, financial and investment operations effectively, in the face of external pressure.

I also invite everyone to take a closer look at the promising initiatives put forward by Russia to streamline our cooperation. These include establishing a BRICS payment, depository and clearance infrastructure, as well as setting up a reinsurance mechanism and a grain exchange within the association. I am convinced that both member states and partners of BRICS will be able to employ all these tools in the future.

Further strengthening the capacity of the BRICS New Development Bank and updating its business model is a pressing task. The Bank has already financed 123 projects worth nearly $40 billion. While this is certainly a solid result, financing needs are far greater. A new investment platform could help meet these demands. By leveraging modern financial technologies – including digital assets – such a platform would make it possible to mobilise long-term capital, including private funds, not only for the BRICS nations but also, crucially, for the economies of our partners across the Global South and East.

Naturally, technological transformation is a key driver of global growth and sovereign development. With the widespread adoption of artificial intelligence, the development of autonomous systems, and the rise of digital trade platforms and financial solutions, the very model of economic value creation is shifting.

In conclusion, I would like to express my confidence that our group will continue to collaborate with all international partners to ensure comprehensive and sustainable development.

We anticipate that this BRICS Outreach/Plus meeting will prove highly productive in this regard.

Thank you.

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