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Putin said reliable business ties and economic partnerships are vital to global economic relations and addressing global challenges. He highlighted major shifts in the international economic order, noting BRICS countries now account for over 40% of global GDP, compared with 29% for the G7, as India hosts the 18th BRICS Summit.

New Delhi: Russian President Vladimir Putin on Friday said reliable business-to-business ties and economic partnerships are the backbone of international economic relations and help overcome the problems facing the world, as he addressed the BRICS Business Forum 2026 in the national capital.

"This gathering shows the growing interest in strengthening business contacts and relations across the BRICS space. It is evident that reliable business-to-business ties and economic partnerships are the backbone of international economic relations. It helps build relations in a stronger, more resilient manner. It helps to overcome the problems the world is facing," Putin said.

"And right now, the world is undergoing structural, deep, profound shifts, which is explained by the fact that the so-called old leaders, which used to be the vanguard of economic growth in the second half of the 20th century, are being replaced by new engines of growth. When I say old, this is just a formality; all of us understand what we are talking about. And these so-called old leaders are still in possession of great strengths and well-developed infrastructure and significant scientific developments," he added.

Putin linked the importance of such economic ties to broader changes in the global economy, saying that shifts in the international economic order are a natural and continuing process.