America News Agency

Putin noted that the BRICS countries' (Brazil, Russia, India, China, South Africa) share of global GDP has already surpassed that of the G7 and continues to grow. "The countries that are part of our union drive global economic growth. And the main increase in global GDP will be generated in BRICS for the foreseeable future," he said.

Putin said the BRICS Development Bank should be one of the main investors in major technological and infrastructure projects in the region and the Global South. "And of course, we will develop it without opposing anyone; it is just an independent structure. We will develop its capabilities."

Putin, who also noted that Russia was rapidly redirecting its transport flows to "reliable foreign partners", said: "The Northern Sea Route and the North-South Corridor are designed to provide short, profitable trade routes connecting major industrial, agricultural and energy centres with consumer markets. Road and rail access to ports is being improved: "The North-South transport corridor connects Russian ports in the northern seas and the Baltic Sea with terminals on the coasts of the Persian Gulf and the Indian Ocean. It is also the key to increasing cargo traffic between the Eurasian and African continents."

Putin concluded his speech by saying that "realizing the potential of BRICS will bring "maximum benefits" to countries, businesses and all citizens: "BRICS' work is not directed at anyone. It is aimed at only one common goal: the sustainable development and prosperity of our countries and peoples."