It would be wrong for BRICS to ignore the unprecedented interest of the countries of the Global South and East in joining the association, Russian President Vladimir Putin said at a meeting of the BRICS Summit in a narrow format on Wednesday.
"Of course, it would be wrong to ignore the unprecedented interest of the countries of the Global South and East in strengthening contacts with the BRICS. 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 noted.
The Russian president added that the multipolar world has fundamentally changed. He noted that the BRICS countries have a positive influence on the state of affairs in the sphere of global stability and security, and make a significant contribution to solving acute regional problems.
"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.
The president further stressed that the initiative to create the BRICS "grain exchange" will help protect national markets from external interference and speculation.
The BRICS "grain exchange" will help form fair indicators of global grain prices, the president said.
"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 at an expanded BRICS meeting.
It is necessary to consider transforming the BRICS "grain exchange" into a full-fledged commodity exchange in the future, he added.
The Russian leader underscored that the BRICS member countries have enormous political, economic, scientific and demographic potential.
"The member states of our association have truly enormous political, economic, scientific, technological and human potential," the Russian president noted.
During the meeting, Putin highlighted that Russia seeks to strengthen the role of BRICS in the world and focus on solving global and local problems.
"We sought to strengthen the authority of BRICS, to increase its role in world affairs, in solving pressing global and regional problems," Putin said.
The new BRICS investment platform will provide support for national economies and investments, and the countries of the association will create mechanisms to resolve trade disputes, Putin noted.
"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," he stated.
BRICS countries should step up technology, education and finance cooperation, the president added.
The launch of the BRICS consultation mechanism on WTO issues will help develop a common position on fairer rules for the global economy, Putin said.
It is also necessary to launch a platform for fair competition among the BRICS countries, Putin said.
Russia proposes to create a separate BRICS platform for precious metals and diamonds, Putin said.
"We see the expediency of creating a separate BRICS platform for precious metals, as well as for diamonds. After all, this market is heavily regulated by various trade barriers, bypassing the universal Kimberley Process certification scheme," Putin said during a meeting of the BRICS summit in an expanded format.
BRICS is an intergovernmental association created in 2006. Russia assumed the rotating presidency of the bloc on January 1, 2024. The year began with the accession of new members to the association. In addition to Russia, Brazil, India, China and South Africa, it now includes Egypt, Ethiopia, Iran, the United Arab Emirates, and Saudi Arabia, according to the website of the Russian 2024 BRICS Chairmanship. Media reports said that Saudi Arabia has not formalized its participation yet, but has been taking part in BRICS meetings.