Putin: BRICS is a Stabilizing Factor in the World Economy and Politics

"This organization represents a certain stabilizing factor not only in politics but in the global economy, because it supports the openness of markets and against any kind of economic protectionism," Putin told a news conference at the end of the BRICS summit in Brazil.

He pointed out that the member countries of this group does not turn this bloc into any closed alliance, saying that "the role and importance of the BRICS will undoubtedly increase in conjunction with the changing situation in the world."

Putin said the GDP of the BRICS countries calculated at the purchasing power parity is greater than that of the G7, the Group of major industrialized nations.

“Next year, the BRICS will beat the G7 countries by 50 trillion rubles. " He added.