“The idea behind it is to jointly develop coordinated instruments to support and to bring in the funds from the economies of BRICS countries and from the Global South and Global East countries,” said the Russian President. 

President Putin was speaking via video conference at the opening of the 17th BRICS Summit on Sunday in Brazil.

President Putin expressed gratitude to Brazilian President Lula da Silva and the Brazilian Chairmanship for their active efforts in advancing the strategic partnership within BRICS.

He highlighted that the BRICS countries continue to deepen their cooperation across key sectors, including in politics, security and finance.

BRICS now includes leading states in Eurasia, Africa, the Middle East, and Latin America.

“Together, we possess a vast political, economic, scientific, technological, and human potential,” he said.

Quoting the International Monetary Fund (IMF) data for 2025, President Putin said BRICS countries account for not only a third of the earth’s landmass and almost half the planet’s population, but also for 40% of the global economy, while their combined GDP at purchasing power parity stands at $77 trillion.

“BRICS has rightfully established itself as one of the key centres of global governance, with our collective voice in support of the global majority’s vital interests resonating ever more powerfully across the international stage.”

During the session, participants discussed prospects of further cooperation between the BRICS states in politics, trade, the economy, culture, and humanitarian affairs, as well as the international agenda.

In his address during the opening session, President Cyril Ramaphosa called for enhanced global cooperation and urgent reform of international governance structures amid the “dramatic reshaping of global dynamics -- politically, economically, technologically, and environmentally”.