During the BRICS summit in New Delhi on Friday, Russian President Vladimir Putin criticized the ‘Group of Seven’ (G7), asserting that the BRICS nations have contributed over 40 percent of global GDP in the past five years. He referred to the G7 as the ‘so-called’ group, implying that its influence is waning compared to emerging economies represented by BRICS.
The Russian President made the remarks at the BRICS Business Forum on Friday. “Mahindra, a company from India, offers IT and AI-based solutions. The Chinese Huawei is a global technological giant of world renown, whereas Brazil’s Embraer has strong positions in the aerospace industry, whereas DPO from the UAE is a company that is working efficiently in logistics, whereas Russia’s Rosatom has been recognised as the world’s top one company in peaceful nuclear energy. “It is evident that reliable business-to-business ties and economic partnerships are the backbone of international economic relations. They help build these relations in a stronger, resilient manner. They help overcome the problems the world is facing.
“Over the last five years, more than 40 per cent of the world GDP has been produced by the BRICS countries, whereas the contribution of the so-called G7, the Group of Seven, I don’t know why they call that the Group of Seven, stands at only 29 per cent,” Putin said. And there are many other success stories from our business community, but behind each and every one of them is hard work on a daily basis,” he said. During his address, Putin also stressed upon the significance of “business-to-business” ties between countries and how they can help the world “overcome the problems it is facing”. And right now, the world is undergoing structural, deep, profound shifts,” Putin said.
