Putin Declares Shift in Global Trade Dynamics Away from the West
Global trade system ceases to be West-centered — Putin
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During the St. Petersburg International Economic Forum, Russian President Vladimir Putin stated that the global trade system is no longer dominated by Western countries, as evidenced by the increasing share of exports from BRICS nations.
- 01Putin emphasized the diminishing West-centric nature of global trade.
- 02BRICS countries' share of global trade in goods has nearly doubled in the past 25 years.
- 03Last year, BRICS nations accounted for almost 25% of global exports.
- 04The trend of increasing BRICS exports is expected to continue steadily.
- 05Putin made these remarks at the plenary session of the St. Petersburg International Economic Forum.
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At the St. Petersburg International Economic Forum (SPIEF), Russian President Vladimir Putin highlighted a significant shift in the global trade landscape, indicating that it is no longer primarily centered around Western nations. He pointed out that the share of BRICS countries in global trade has nearly doubled over the last 25 years, with these nations representing almost a quarter of global exports last year. This growth in BRICS exports reflects a broader trend that Putin believes will continue, showcasing the evolving dynamics of international trade and the increasing influence of emerging economies.
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