The BRICS economic bloc is experiencing rapid growth, with its expanding market capacity and economic influence now outpacing traditional global alliances, Russian Deputy Prime Minister Alexander Novak said at the Valdai Discussion Club in Sochi on Wednesday. Highlighting BRICS’ substantial share in the global economy, Novak was quoted by Tass as stating:

We will have relations developing with BRICS countries, especially that the number of countries is growing and the capacity of, so to say, this BRICS countries market is rather high.

“Speaking about the future, almost the whole potential of economic growth is concentrated exactly in BRICS countries. Already for the time being, as it was mentioned at the [BRICS] Summit, BRICS countries account for 36% of the whole global economy, while the share is about 30% for G7 countries,” he further said.

BRICS, an economic alliance of Brazil, Russia, India, China, and South Africa, recently expanded to include six new members: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE). With these additions, BRICS aims to increase its economic and political leverage. The economic bloc has also invited 13 nations to join as partners.

To sustain this momentum, Novak emphasized that BRICS members will need new investment projects to maintain the high growth rates the bloc has shown. Novak addressed the critical nature of Russia’s involvement, stating:

It is impossible to close one large country in terms of the global economy. Russia is actually the fourth global economy; it cannot be isolated.

His statement underlines Russia’s approach to strengthening ties with BRICS as a strategic priority, viewing the bloc as central to the future of global economic expansion and resilience.

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