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Putin praises strength of BRICS economies

Moscow, Aug 22 (Prensa Latina) The economies of the BRICS members outperform those of the Group of Seven (G7) in purchasing power, Russian President Vladimir Putin assured on Tuesday in a video message to participants in the BRICS’ Business Forum in Johannesburg. Putin further pointed out that the share of the BRICS countries (Brazil, Russia, India, China and South Africa), which are home to over three billion people, reached almost 26% of the global Gross Domestic Product.

“As for Russia, our trade exchange with BRICS partners increased by 40.5%, reaching the record figure of over 230 billion dollars,” Putin detailed.

The head of State further stressed that Russia is ready to substitute Ukrainian grain to the most needy both commercially and free of charge.

In that regard, Russia is in favor of establishing closer cooperation within the BRICS on the issue of reliable and uninterrupted supply of energy and food resources to the world markets, Putin underscored.

The president concluded that the goal-centered and irreversible process of de-dollarization of our ties is gaining momentum, and efforts are being made to develop effective mechanisms of mutual settlements and currency control.

Consequently, the dollar’s share of export and import transactions within the BRICS is declining: last year it was only 28.7%, Putin noted.