An expanded meeting of the XVI BRICS Summit has been held in Kazan, the capital of Tatarstan, APA's Russian bureau reports.
The meeting was opened with a speech by Russian President Vladimir Putin.
In his speech, he said that the growth rate of most BRICS countries will be faster in the medium-term perspective: "By the end of 2024, the share of BRICS countries in the world economy will reach 36.7%, confidently surpassing that of the G7 countries. BRICS countries are demonstrating resilience in responsible economic policies."
Putin proposed the creation of a new BRICS investment platform that will help supply resources to Global South and Eastern countries.
Additionally, the Russian president suggested establishing a grain exchange and launching a special mechanism for consultations among BRICS countries on issues related to the World Trade Organization.
He noted that the establishment of a BRICS grain exchange would help protect national markets from negative external influences, speculation, and attempts to create shortages.
Putin suggested that in the future it is necessary to think about turning the grain exchange into a full-fledged commodity exchange: "Russia proposes creating a separate BRICS platform for precious metals and diamonds. This will help eliminate unnecessary trade barriers," Putin said.
