Russian Foreign Minister Sergey Lavrov has said in a response to a question from Sputnik that the ongoing trend towards "rebalancing of the strength in the global politics and economy and finance" would only get stronger in the future.
The remarks were made at a joint press conference after delegation-level talks with Indian External Affairs Minister (EAM) S Jaishankar.
"This process (of global rebalancing) results in the increased share of the countries of the Global South and the Global East, and the reduction of the share of the Global North. Traditionally, the North has been associated with the G7 and its closest allies. This is the objective statistical data. The trend will get even stronger as the BRICS group is expanding," stated the Russian foreign minister.
Lavrov said that the combined Gross Domestic Product (GDP) of the BRICS' nations would become significantly bigger than that of the G7 nations, a process he noted was already underway.
“The overall GDP of BRICS, of the expanded BRICS, would be significantly [bigger than] the figures shown by the G-7. As mentioned before, this is a natural process in the global economy,” remarked Lavrov.
Jaishankar is on an extensive five-day visit to Moscow between 25 and 29 December to review and intensify bilateral ties between the two time-tested partners.
On Tuesday, the top Indian diplomat co-chaired the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) with the Russian Deputy Prime Minister and Minister of Trade and Industry, Denis Manturov.
The meetings have resulted in signing of pacts in areas of civil nuclear cooperation, pharmaceuticals and medical devices among others.