During a closed-door session at the 16th BRICS summit in Kazan on Wednesday, Russian President Vladimir Putin indicated that the multipolar world is evolving.

He emphasized that the BRICS nations play a vital role in promoting global stability and security, significantly contributing to the resolution of pressing regional issues.

"This is the essence of the strategy of the BRICS course in the international arena, which meets the aspirations of the main part of the international community — the so-called global majority. And it is precisely this course that is especially in demand in the current conditions when truly significant changes are taking place in the world," Putin said.

He said that Russia seeks to strengthen the role of BRICS in the world and focus on solving global and local problems, adding, "We sought to strengthen the authority of BRICS, to increase its role in world affairs, in solving pressing global and regional problems."

In this context, the Russian leader expressed his belief that all interested nations should be afforded the opportunity to join BRICS. He asserted that it would be a mistake for BRICS to overlook the unprecedented interest from countries in the Global South and East seeking to become part of the association, highlighting the importance of inclusivity in fostering global collaboration.

"More than 30 states have already expressed this desire in one form or another. At the same time, it is necessary to maintain a balance and prevent a decrease in the effectiveness of the BRICS," Putin said.

Authority, influence of BRICS in international arena

"BRICS is undergoing significant growth, with its authority and influence in global affairs continually rising," Putin highlighted during the closed-door session, adding, "We are all witnessing this remarkable evolution."

He highlighted that the new BRICS investment platform will strengthen national economies and promote investment opportunities. Furthermore, member countries will create mechanisms to effectively resolve trade disputes.

"We propose to create a new BRICS investment platform that would become a powerful tool to support our national economies, as well as provide financial resources to the countries of the Global South and East," Putin said.

Global trade becoming more fragmented: Putin

Putin stressed that the debt burden in developed countries continues to grow, and global trade is fragmenting, adding that "the practice of unilateral sanctions, protectionism, and unfair competition is expanding and, as a direct result, there is fragmentation of international trade."

He also emphasized that BRICS economies demonstrate resilience due to their balanced policies. The president projected that by the end of 2024, the share of BRICS countries in the global economy, measured by purchasing power parity, will confidently surpass that of the G7 nations.

Putin stated that world trade and the global economy are undergoing significant transformations, with activity increasingly shifting toward emerging markets.

BRICS countries should step up cooperation

In this context, the Russian President emphasized the need for BRICS countries to enhance cooperation in technology, education, and finance. He noted that the establishment of the BRICS consultation mechanism on World Trade Organization (WTO) issues will facilitate the development of a unified stance on creating fairer rules for the global economy.

In this regard, Putin proposed the establishment of a dedicated BRICS platform for precious metals and diamonds. He argued that "this sector is heavily regulated by various trade barriers that circumvent the universal Kimberley Process certification scheme."

He also proposed the initiative to establish a BRICS "grain exchange," which he believes will safeguard national markets from external interference and speculation. He emphasized that this exchange would contribute to the development of fair indicators for global grain prices.

"The implementation of this initiative will help [BRICS] protect national markets from negative external interference, speculation, and attempts to create artificial food shortages," Putin said.