The BRICS group of emerging-market powers has already outperformed the West in the global market, Hungarian Prime Minister Viktor Orban said on Sunday, adding that the BRICS summit in Russia's Kazan highlighted the bloc's economic potential.
"The Eastern World Summit was held in Kazan a week ago ...They have already expanded, there are more than 10 countries, and all of them met in Kazan. This is the economy of the Eastern world. Twenty years ago, this would not have been big news, but now these countries are worth more, according to economic indicators, than the Western economy," Orban told Hungarian broadcaster Kossuth.
Leaders of over 40 countries, including the EU, Turkey, the United Kingdom, the South Caucasus and the Western Balkans, are expected to come to Budapest, to discuss the decline in Europe's competitiveness and possible geopolitical challenges facing Europe after the US election, Orban added.
The Russian city of Kazan hosted the BRICS summit from October 22-24.
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. Saudi Arabia has not reportedly formalized its participation but has been taking part in BRICS meetings.