The Russian Foreign Ministry called BRICS the engine of economic transformation in the world

BRICS is the engine of the transformation of the global economy, today the countries of the association account for more than 40% of the gross domestic product in the world. This was announced on July 6 by Russian Foreign Minister Sergei Lavrov.

"The engine of this transformation is the BRICS, which seeks to form a more stable global economic architecture based on the principles of universality, transparency and non—discrimination," the Foreign Minister said during the XVII BRICS Summit in Rio de Janeiro.

In addition, Lavrov clarified that the organization's states account for 40% of global GDP at purchasing power parity, and together with the values of partner countries, this figure reaches 45%. The Russian Foreign Minister also added that BRICS accounts for 20% of global trade.

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Russian President Vladimir Putin, speaking via video link at the plenary session of the XVII BRICS summit, stated that the countries of the association significantly outperform the G7 countries in economic terms.