Moscow, Russia – The aggregate GDP of the BRICS countries after the accession of its new members in 2024 will significantly exceed that of the Group of Seven (G7) countries, Russian Foreign Minister Sergey Lavrov said at a press conference following talks with his Indian counterpart, Subrahmanyam Jaishankar, Russian news agency TASS reported on Wednesday.
“The total GDP of the BRICS in the new line-up will already significantly exceed that of the G7,” Russia’s top diplomat said.
Lavrov noted that the share of Global South and Global East countries in the overall world economy is growing. In particular, this is happening due to numerous mistakes and unacceptable steps by the United States and its allies.
“This trend will strengthen, including in connection with the expansion of the BRICS,” Lavrov added.
The Russian foreign minister noted that Moscow and New Delhi do not accept distortions of the principles of international law, and of the development of free markets and fair competition.
“Trust in the West has been greatly undermined, so now there are even greater reasons to rely on the role of the world majority in the development of the world economy, not to the detriment of anyone, but on the basis of mutual benefit,” Lavrov said.
The BRICS group currently includes Brazil, Russia, India, China and South Africa. Following the BRICS summit on August 22-24 in Johannesburg, South African President Cyril Ramaphosa announced the expansion of the group. On January 1, 2024, new members Egypt, Iran, the United Arab Emirates, Saudi Arabia and Ethiopia will formally join BRICS. Argentina was also accepted for membership, but the new government of President Javier Milei, a BRICS critic, is currently reconsidering whether or not Buenos Aires should join the group. Russia will assume the rotating BRICS chairmanship on January 1, 2024.