Russian Foreign Minister Sergey Lavrov drew attention to the significant share of BRICS countries in global GDP, which has reached 40%, at the G20 Foreign Ministers' Meeting.
"Even prior to its expansion, the BRICS share in global GDP, measured by purchasing power parity at 40%, had already surpassed that of the G7, which stood at 29%," the minister stated at a meeting taking place on the sidelines of the High-level Week of the 80th session of the UN General Assembly.
Lavrov recalled that the #BRICS Summit in Kazan last October produced concrete proposals for creating a new payment infrastructure and developing independent stock exchange and investment mechanisms, with work also underway on the establishment of an #SCO development bank.
In his assessment, "the steadily growing role and importance of multilateral governance structures like BRICS and the SCO clearly signals the onset of a multipolar world as they represent a model of diplomacy among equals."
#NEWS #summit #economy
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