Brics has overtaken G7: Putin shows mirror to Trump at SPIEF 2026

Russian President Vladimir Putin on Friday said the Brics grouping has already surpassed the G7 in terms of economic size and is set to pull further ahead in the coming years. Speaking at the St Petersburg International Economic Forum (SPIEF), which was moderated by India Today, Putin said it underscored that the structure of growth was gradually shifting towards the Global South.

Putin's firm endorsement of the Brics comes at a time when US President Donald Trump has railed against the grouping, which comprises Brazil, Russia, India, China, and South Africa. Egypt, Ethiopia, Indonesia, Iran, and the UAE later joined the bloc. Last year, Trump called the Brics a threat to the US dollar and threatened the bloc with 100% tariffs.

This year, India is holding the Brics presidency.

PUTIN SHOWS THE MIRROR TO TRUMP

In his address, the Russian President pointed out that the structure of growth was shifting in favour of new centres of development and the countries of the Global South. Importantly, Putin gave the example of India, which he called Russia's "key partner", of how it had become one of the leading players in the IT industry.

"Over the last 25 years, the Brics countries have significantly increased their high-tech exports. One of our key partners is India, which is one of the leading players in the IT industry. It accounts for a significant share of the global software market," Putin said.

In the same vein, he underlined that the Brics countries were emerging as new centres of growth.

"If you look at the global GDP of the last five years, you will see that almost half of its annual growth - 49% - is accounted for by Brics countries. The contribution of the so-called G7 is estimated at 18%," Putin said.

He also projected significantly faster growth for Brics compared to advanced economies. "The G7 is going to grow at best by 1.1 % per year, whereas Brics nations are going to grow by more than 4%," Putin emphasised. He underscored that this trend was going to persist in future.

"So, the Brics has already overtaken the G7, and it did so back in 2020, but this gap is increasing and will continue to do so," the Russian leader said.

Putin said that not only has trade within the grouping exceeded $1 trillion per annum, but the bloc's share in global trade has also more than doubled over the years.

'CENTRE OF GLOBAL TRADE SHIFTING'

The Russian President noted that Brics countries now account for 20% of global exports, reflecting the increasing importance of emerging markets like India.

The remarks come at a poignant time as the Brics aims to reduce dependence on Western-led financial and economic institutions. Through it, Putin aims to reinforce Russia's push for a more multipolar world order amid the unpredictability brought by the US.

With Chinese vice-president Han Zheng by his side, Putin highlighted that for several years, the flow of trade, capital, and information was going through a handful of Western infrastructure hubs.

But the situation was now changing, he said. "The centre of global trade, as well as the financial system, is going to shift. It is already shifting, and this trend is going to persist," Putin said.

This is what has Trump worried. In geopolitics, crude oil, gold reserves, economic size, and food sufficiency determine negotiating power. And the Brics nations together hold a significant part of them.

Putin's strong remarks signals that the Brics wouldn't be intimidated by Trump's threats.