SPIEF sees 1,000 $72bln worth of deals, contracts signed

By Al Mayadeen English
Source: Agencies
9 Jun 2024 09:40

Russia and its allies collectively represent nearly 45% of the global economy, according to the Russian presidential advisor.

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Advisor to the President of the Russian Federation Anton Kobyakov attends the final press conference at the Saint Petersburg International Economic Forum (SPIEF) at the ExpoForum Convention and Exhibition Centre, in St. Petersburg, Russia. (Sputnik)

Nearly 1,000 deals and contracts, totaling over 6.43 trillion rubles ($71.87 billion), were signed at the St. Petersburg International Economic Forum (SPIEF), as reported by Russian presidential advisor Anton Kobyakov, who also serves as the Executive Secretary of the SPIEF Organizing Committee, RT reported.

During the forum's concluding press briefing on Saturday, Kobyakov highlighted that the event attracted 21,300 attendees from 139 countries, including Russia. Moreover, he noted the participation of 3,550 companies from over 90 countries in this year's edition.

“We have announced figures that are not commercially confidential,” he added.

Kobyakov mentioned that 59 countries expressed their interest in joining BRICS, the Shanghai Cooperation Organization (SCO), and the Eurasian Economic Union (EAEU), as these alliances offer new members the chance to enhance collaboration within the frameworks of the multipolar development concept.

“Now most of the Earth’s inhabitants are with us,” the official said, stressing that “Russia and its allies account for nearly 45% of global economy.”

The presidential advisor highlighted the growing significance of the SCO on a global scale. Initially established as a platform for China, Russia, and Central Asian states, its evolution now encompasses India, Pakistan, and Iran, reflecting its active development and expanding influence.

“We can safely say that the SCO is destined to become a new center of economic power in a changing world,” Kobyakov stressed.

Putin discusses US economy, multipolarity, Ukraine war

Russian President Vladimir Putin discussed on June 7 several points, ranging from the disintegrating reliance on the US dollar, the United States' neocolonial behavior due to the monopoly of the global financial system, and the current war with Ukraine, at the plenary session of the St. Petersburg International Economic Forum (SPIEF), which was hosted by Russia from June 5-8.

Putin made remarks on the state of the global financial market, saying the only guarantee in present times is trust in the US economy, with the United States making "serious" money on it.

He gave an example of the Jamaican system, asking, "What is the basis of the Jamaican system still in place today? Trust in the US economy. Look at what is happening today, in the realities of no other collateral than trust in the US economy in today's world financial system."

Discussing the United States' position, the Russian President stressed that the US was exploiting the fact that it is a monopoly in the global financial system, saying that it was making "serious money from this exploitation."

However, he pointed out how despite the drastic profits the US is generating, it still owed the global market $54.3 trillion "that is not backed by anything."

Multipolar world, one of US colonialism results

Putin added that the US was "breaking its own tool of greatness" amid few left, referring to the US dollar.

He explained that the US actively blows other countries away from the dollar until they decide not to rely on it anymore.

Putin then draws comparisons between the US and Russia, saying his nation has "never behaved like colonialists or neocolonialists [referring to the US]."

He said the US' current account trade deficit is a trillion dollars per year, which is tantamount to "neocolonialism in its modern edition."

"Using the monopoly position of the dollar, the United States consumes a trillion dollars a year more than it produces, taking … these resources from other countries," he further stated, affirming that the US economy was shrinking in a way that harms countries that hold its currency, but also paves the way for a multipolar world.

He further stressed that Russia is not in a position to be colonialist because its position in the global financial system and its currency were not monopolistic.