Global trade system ceases to be West-centered — Putin

ST. PETERSBURG, June 5. /TASS/. The global trade system is no longer West-centered and it is proven by growing share of entire exports accounted for BRICS countries, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"I would note the following as an example that the global trade system is ceasing to be the West-centered. The share of BRICS in global trade in goods has almost doubled over 25 years. The countries of our association accounted for almost a quarter of global exports last year and this figure continues growing steadily," Putin said.

The trade turnover among BRICS countries increased over the year and amounts by now to more than $1 trillion annually, the head of state noted.

The international trade is becoming more efficient, the Russian president said. Supplies without extra intermediaries are growing, payments in national currencies are evolving and new logistical routes are being opened, he added.