Speaking at the BRICS Business Forum on Friday, Russian President Vladimir Putin accused Western countries of openly unfair trade practices to maintain a competitive edge.
At a business forum held a day before the 18th BRICS summit, Mr. Putin said that the world is currently undergoing fundamental changes and new growth centers have emerged in the 21st century. He said that in the last five years, the share of BRICS countries in the global gross domestic product (GDP) has been 40 percent, while the share of G7 countries is 29 percent. The BRICS countries account for more than 50 percent of global economic growth, while the G7 accounts for 18 percent. He said that one of the reasons for this is that 50 percent of the world's population lives in the BRICS countries. They're called the G7, don't know why they're called the Greats, Putin quipped.
The Russian president said that the Western rivals are taking all possible steps in an attempt to regain their former position, and sometimes even using unfair methods. He alleged that on some occasions such measures were also seen at the government level, including destroying pipelines, closing international transport and corridors, seizing commercial ships and imposing illegal sanctions.
In the context of sanctions imposed on India and some other countries for buying oil from Russia, Mr. Putin said that countries that prioritize their national interests over the interests of Western countries are being indirectly sanctioned. He said that more than 30,000 sanctions have been imposed on Russia, which is almost double the total sanctions imposed on all other countries in the world.
Mr. Putin said that despite these difficult conditions, Russia has made new partners in BRICS and other countries. In the last four years, there has been a geographical and strategic change in Russia's foreign trade. He claimed that despite Western sanctions, Russia is growing rapidly and its GDP growth rate has been higher than the world average in the last three years. According to him, Russia has set high goals and achieved them, while on the other hand, Western countries are facing high budget deficits, public debt and industrial decline.