Published on: 2026-06-05
Source: People’s Republic of China in Russian –
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Saint Petersburg, June 5 /TASS/ — Currently, the structure of economic growth is shifting in favor of new centers of development, countries of the Global South. This was stated on Friday by Russian President Vladimir Putin at the plenary session of the St. Petersburg International Economic Forum.
Despite the serious challenges facing the modern world, Russia views global changes not only as a threat but also as colossal opportunities. “The world becomes more just when economic growth involves more and more countries, when billions of people who were previously on the periphery of the global economy gain opportunities,” noted the Russian president.
V. Putin drew attention to the significant increase in the role of BRICS in the global economy amid changing conditions. Thus, about half of the annual growth of the world’s GDP over the past five years has been provided by the BRICS states. “Over 25 years, BRICS countries have significantly increased especially technological exports. Now it exceeds a third of global supplies. This speaks about a change in technological leadership in the world,” he said.
According to the President of the Russian Federation, the global trade architecture is gradually moving away from the original principles of the World Trade Organization due to actions such as unilateral restrictions by Western countries. In these conditions, businesses and governments are seeking new solutions, and they take the form of bilateral and multilateral trade agreements.
“We will strengthen our own critical infrastructure, and cooperate, enter into cooperation only with those partners who respect mutual obligations. Such experience, tested over the years, has been accumulated by us in relations with the CIS, as a strategic partner of Russia. Our economic cooperation covers practically all spheres,” said V. Putin.
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