Lavrov Highlights BRICS' Growing Economic Influence at G20 Meeting

At the G20 Foreign Ministers' Meeting, Russian Foreign Minister Sergey Lavrov emphasized the growing global economic influence of BRICS nations, noting that the bloc now accounts for 40% of the world's GDP.

"The BRICS countries' share in global GDP (40% in terms of purchasing power parity) exceeded that of G7 (29%) even before the expansion of the association," he said at a meeting taking place on the sidelines of the High-level Week of the 80th session of the UN General Assembly, The Caspian Post reports, citing TASS.

Specific proposals were put forward at the BRICS summit in Kazan last October for the creation of a new settlement infrastructure, the formation of independent exchange and investment mechanisms, and work began on establishing an SCO (Shanghai Cooperation Organization) development bank, Lavrov added. "Those initiatives should increase the efficiency of economic interaction between the countries of the global majority and protect it from unfair competition," he noted.