UPDATE - BRICS economic group holds expanded talks on day 2 of summit in Russia

UPDATES WITH FURTHER REMARKS FROM RUSSIAN PRESIDENT'S ADDRESS

By Burc Eruygur

ISTANBUL (AA) - The BRICS economic group on Wednesday held expanded-format talks during the bloc’s 16th summit in the Russian city of Kazan.

The expanded meeting, chaired by Russian President Vladimir Putin, follows an earlier meeting held in a narrow format with the participation of longtime members Brazil, Russia, India, China, and South Africa – the source of the group’s name.

The meeting was also attended by the leaders of recent additions Egypt, Ethiopia, Iran, and the United Arab Emirates, four countries that officially joined BRICS in January.

Among the bloc's members, only Brazil is represented at the level of foreign minister, with President Luiz Inacio Lula da Silva, unable to travel due to an injury, participating via videoconference.

In his address at the expanded talks, Putin proposed the creation of a new BRICS investment platform to support national economies and countries of the Global South and East.

Putin also proposed launching a special mechanism for consultations among BRICS countries on issues related to the World Trade Organization, adding that the creation of a BRICS grain exchange will help protect national markets from "negative external influence."

He went on to say that there is a significant potential for a global crisis, which he argued is caused not only by increasing geopolitical tensions, but also because of "growing debt, the practice of unilateral sanctions, and expansion of protectionism and unfair competition."

"World trade and the global economy as a whole… are undergoing significant changes. On the positive side, the center of business activity is gradually shifting toward emerging markets.

"A multipolar model is emerging, which is launching a new wave of growth, primarily due to the countries of the Global South and East and, naturally, the BRICS countries," he added.

The three-day summit, which began on Tuesday, will continue until Thursday.

Arriving on Wednesday, Turkish President Recep Tayyip Erdogan is set to attend as a guest, along with a meeting on the summit’s sidelines with Putin.