Russian official: BRICS surpasses 40% of global GDP

The combined share of BRICS countries in global GDP has exceeded 40%, and the trend of strengthening the bloc’s role in the world economy is expected to continue, Deputy Head of the Russian Presidential Administration Maxim Oreshkin said.

Talking to the International Transport and Logistics Forum in Saint Petersburg, he said the basis for changes in logistics is how economic activity shifts around the world, Caliber.Az reports, citing TASS.

Oreshkin noted that this trend did not emerge yesterday; it has been forming for decades, since the beginning of the 21st century — a clear shift of economic power toward emerging economies.

“Today, the BRICS economies account for more than 40% of global GDP, and we see that this trend of the bloc’s growing influence in the global economy will only continue,” the Russian official said.

He added that fast-growing countries in Southeast Asia, which played a key role in economic growth during the first quarter of this century, will be joined by countries in South Asia and Africa.

“This will lead to a future trade model centred on exchanges between countries of the Global South, particularly BRICS nations. That, in turn, changes logistics needs — new channels, new transport and logistics corridors,” Oreshkin added.

According to him, this transition is complex, as the established powers of the global economy are reluctant to cede their roles in international trade, finance, insurance, and logistics services.

“But the trend is inevitable. The outdated paradigm and old players are being replaced by new actors from BRICS and the Global South, opening new corridors,” the deputy presidential administration head said.

Oreshkin emphasised that these developments will be driven by new technological solutions and platforms.

“This change is radical and unavoidable,” he concluded.

By Bakhtiyar Abbasov