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Russian President Vladimir Putin. Photo/NPR
MOSCOW – President Russia Vladimir Putin say Dollar The United States of America (USA) is losing its global role in an objective and irreversible process. Putin said this to participants at the BRICS summit in South Africa via video link, having opted not to attend the event in person.
“De-dollarization is gaining momentum,” Putin was quoted as saying Russia TodayWednesday (23/8/2023).
He added that members of the group of developing countries are working to reduce their dependence on the greenback in reciprocal transactions.
The Russian leader claimed the five BRICS members – Russia, China, India, Brazil and South Africa – to be the new world economic leaders, and added that their cumulative contribution to global GDP has reached 26%.
He noted that when measured by purchasing power parity, the BRICS has already overtaken the leading industrialized countries in the Group of Seven – accounting for 31% of the global economy, compared to 30% in the G7.
“Over the past 10 years, mutual investment between BRICS member countries has increased sixfold. Their total investment in the world economy has doubled, while cumulative exports account for 20% of the global total,” Putin said.
Moscow is focusing on reorienting its transport and logistics routes towards reliable foreign partners, including BRICS members, to ensure uninterrupted supplies of energy and food to international markets.
“Russia’s main goals include developing the Northern Sea Route and the ‘North-South’ transport corridor,” Putin said.
The first line, across the Arctic Ocean, along Russia’s northern coastline, will ensure faster shipping of goods between Europe and the Far East. The second will connect Russia’s northern and Baltic ports to the Persian Gulf and Indian Ocean, facilitating the movement of cargo between Eurasian and African countries.
2023-08-22 20:18:00
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