Sergey Lavrov: BRICS countries to produce 37% of global output by 2028

Russian Minister of Foreign Affairs Sergey Lavrov spoke on September 25, 2024, during the G20 Foreign Ministers' Meeting on the 79th UN General Assembly session in New York. In his speech, he noted the growing role of BRICS and other multilateral formats, according to the website of the Russian Foreign Ministry.

“BRICS nations are expected to produce about 37 per cent of global output by 2028”

Sergey Lavrov Russian Minister of Foreign Affairs

Lavrov also highlighted the increasing use of national currencies in Russia's trade with BRICS countries, which has now reached approximately 65 per cent. Furthermore, in trade with members of the Shanghai Cooperation Organisation (SCO) and the Eurasian Economic Union (EAEU), this figure has exceeded 90 per cent.

Lavrov emphasised that BRICS members are working on developing a unified platform for payments in digital national currencies.

Besides the BRICS, SCO, and EAEU, the Russian Foreign Minister noted the growing importance of other multilateral frameworks, including ASEAN, the African Union, and the Community of Latin American and Caribbean States (CELAC), pointing to the rapid rise of Africa and other regions of the Global South and East.

The high-level week of the UN General Assembly is an annual event where world leaders gather to discuss global issues, including multilateral meetings within the BRICS and G20 frameworks.

Photo: Ministry of Foreign Affairs of Russia