EEF-2024 plenary session discusses the role of BRICS countries and Global South in the world economy

The plenary session was the central event of the 9th Eastern Economic Forum (EEF). Russian President Vladimir Putin, Malaysian Prime Minister Anwar Ibrahim, and Chinese Vice President Han Zheng took part in the discussion.

During his speech, Vladimir Putin reminded that the development of the Far East is a national priority for the entire 21st century.

“The challenges that we have faced recently and the objective trends – and this is the most important thing – that are gaining strength in the global economy. The business ties, trade routes, and, in general, the entire vector of development are increasingly reoriented to the East and the Global South”

Vladimir Putin Russian President

He noted that this year's EEF was attended by delegations from more than 75 countries and regions. The Russian leader emphasised that more than a thousand agreements worth more than US$116 billion had been signed at the last three forums in Vladivostok.

“The Eastern Economic Forum has become a recognised platform for establishing solid business contacts and discussing strategic issues of development of the Russian Far East and the entire Asia-Pacific region,“ Vladimir Putin concluded.

The head of state also spoke about the role of BRICS in the global economy.

“BRICS countries are about one-third of the global economy. About 65 per cent of trade transactions within the union take place using the national currencies of the member states,“ the president specified.

Malaysian Prime Minister Anwar Ibrahim also emphasised the role of the Global South in a changing world.

“The Global South accounts for more than 50 per cent of the world's GDP and 80 per cent of the world's population. It is important for Malaysia to participate in building a more balanced world order,” the Prime Minister said.

In this context, Anwar Ibrahim drew attention to the importance of developing integration groupings such as ASEAN as well as expanding ties with the BRICS countries.

“Joining BRICS will allow us to strengthen relations with the members of the union. Moreover, we will be able to intensify cooperation among the countries of the Global South and build economic ties that are beneficial for all participants in international economic relations”

Anwar Ibrahim Malaysian Prime Minister

During his speech, Chinese Vice President Han Zheng spoke about the development of interaction between the Far Eastern Federal District and China's northeastern provinces.

“In the first half of the year, trade turnover between the border regions exceeded US$60 billion, accounting for more than 40 per cent of total trade between Russia and China. The Russian Far East has good potential in logistics, energy, and mining”

Han Zheng Chinese Vice President

He added that there is also a need to increase cooperation in green energy, digital economy, education, and culture.

The EEF has been held regularly since 2015. This year, Vladivostok is hosting more than 6,000 delegates from more than 75 countries. TV BRICS is the media partner of the event, the main theme of which is “Far east 2030. Combining strengths to create new potential”.

The forum programme consists of seven thematic blocks and is devoted to various issues related to the development of the region and its external relations. In addition, the EEF Sports Games include sailing regattas, chess, table tennis, and track and field events. The forum is organised by the Roscongress Foundation.

Photo:  Kremlin.ru