ST PETERSBURG, Russia: Russian Foreign Minister Sergey Lavrov has called on BRICS member states and other countries of the Global South to deepen economic cooperation, develop alternative financial mechanisms and expand investment partnerships as the bloc seeks to strengthen its influence in the global economy.
Lavrov made the remarks in a video address to organisers and participants of the BRICS Interregional Business Forum held in St Petersburg on 30 October 2026.
Describing the gathering as an important component of cooperation within BRICS, the Russian foreign minister said growing interest among countries of the Global Majority in strengthening economic relations presented opportunities for broader collaboration, particularly with Russia.
He noted that the forum was taking place in St Petersburg, which he described as Russia’s northern capital, a centre of cultural heritage and an increasingly important international business destination.
Despite the current geopolitical tensions, Lavrov said countries across the Global Majority were showing considerable interest in developing economic, commercial and diplomatic relations with one another.
According to the Russian foreign minister, BRICS has become an important contributor to global economic activity, accounting for approximately 40 per cent of global Gross Domestic Product (GDP) measured by purchasing power parity and 23 per cent of international trade.
He also disclosed that trade among BRICS countries had reached $1.2 trillion, reflecting the expanding commercial relationships between member states.
Lavrov said the figures demonstrated the scale of economic opportunities available within the bloc, but cautioned that member countries needed to pursue further initiatives to maximise the benefits of their cooperation.
Russia pushes alternative financial mechanisms
Among the initiatives advanced by Moscow, Lavrov identified the development of international payment systems capable of operating despite external economic disruptions.
He also pointed to Russia’s proposal for a New Investment Platform intended to channel capital into strategic economic sectors across BRICS member states and countries of the wider Global South and East.
The proposed mechanisms form part of Russia’s broader efforts to strengthen financial cooperation and create additional investment opportunities among emerging economies.
Lavrov said these initiatives were intended to support mutually beneficial economic relationships while helping participating countries access financing for priority development sectors.
The Russian foreign minister also described the business forum as an opportunity for representatives from different regions to exchange expertise, discuss economic priorities and assess the progress of existing joint ventures.
He said cooperation at regional and city levels was particularly important in translating broader BRICS economic ambitions into practical business opportunities.
Forum targets regional partnerships
The gathering brought together business stakeholders and representatives involved in advancing economic cooperation between regions and countries participating in the BRICS framework.
According to Lavrov, the discussions would provide an opportunity to establish new commercial relationships, strengthen existing partnerships and examine projects that could contribute to economic development across participating territories.
He expressed confidence that the meeting would take place in a constructive environment, with discussions contributing to stronger commercial networks and closer relations among participating countries.
Beyond its economic programme, the forum also incorporated cultural activities designed to introduce participants to St Petersburg’s historical and cultural heritage.
Lavrov described the Russian city as a unique open-air museum, noting that its architectural and historical attractions offered international visitors an opportunity to gain a deeper understanding of Russia’s cultural identity.
He concluded his address by wishing participants productive discussions and successful engagements during the forum.
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