KAZAN: The leaders of the BRICS states have adopted the final statement of the recently concluded summit in Kazan, marking a significant step in their collaborative efforts to address global issues and set long-term goals. Russian President Vladimir Putin announced the adoption of the statement, emphasizing its importance in outlining the collective vision and strategies of the BRICS nations.

According to Azeri-Press news agency, the final document from the BRICS summit includes general assessments of the current global situation and long-term objectives. President Putin highlighted that the statement is intended for distribution at the United Nations, underscoring the group’s commitment to international cooperation and dialogue.

The XVI BRICS Summit, held in the capital of Tatarstan, opened with a speech from President Putin, who projected that the growth rate of most BRICS countries would outpace others in the medium term. He projected that by the end of 2024, the BRICS nations’ share of the global econom
y would reach 36.7%, surpassing that of the G7 countries. This assertion points to the resilience and effective economic policies of the BRICS countries.

During the summit, President Putin proposed several initiatives, including the creation of a new BRICS investment platform aimed at channeling resources to Global South and Eastern countries. He also suggested establishing a grain exchange, which would serve to protect national markets from negative external factors and speculative activities. Additionally, Putin recommended launching a special mechanism for BRICS countries to consult on World Trade Organization-related issues.

In a forward-looking proposal, President Putin advocated for transforming the grain exchange into a comprehensive commodity exchange and creating a separate BRICS platform for precious metals and diamonds. This initiative aims to remove unnecessary trade barriers and further solidify the economic collaboration among BRICS nations.