Lavrov said that the share of GDP of the BRICS countries exceeded the G7

The share of the BRICS countries in global GDP even before the expansion of the association exceeded the same indicator of the Group of Seven, Russian Foreign Minister Sergei Lavrov said on September 25, speaking at the Council of Foreign Ministers of the Group of Twenty.

The Minister recalled that at the BRICS summit in Kazan last October, specific proposals were put forward to create a new settlement infrastructure and form independent exchange and investment mechanisms.

"Work has begun on the establishment of the SCO Development Bank. These initiatives should increase the efficiency of economic cooperation between the countries of the World majority and protect it from unfair competition," Lavrov added.

He also noted the large-scale creative potential of the G20, whose composition reflects modern geopolitical realities.

"After all, it includes both dynamically developing new centers of influence, including the BRICS countries, and the G7 countries. We advocate the speedy implementation of the agreements reached within the framework of the G20 on strengthening the role of the countries of the Global South and East in the IMF and the World Bank, taking into account their real weight in the global economy," Lavrov said.

The Russian Foreign Minister also pointed out the importance of restoring the WTO as the only recognized regulator of multilateral trade.

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In early September, the BRICS leaders discussed cooperation in trade, economic and other fields during the summit, taking into account the current situation in the global economy. Russian President Vladimir Putin also took part in the meeting.

Prior to that, Putin said that Moscow and Beijing were working together to make BRICS one of the key mechanisms of global architecture. According to him, the BRICS countries are united in their desire to strengthen the role of the association in solving pressing global problems and share similar views on regional and global security issues.

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