Moscow, June 8 -- Russian President Vladimir Putin has said BRICS nations are becoming a major force in the global economy, accounting for nearly half of annual global GDP growth over the past five years and significantly expanding their share of high-tech exports.

Addressing the plenary session of the 29th St. Petersburg International Economic Forum (SPIEF), Putin noted that BRICS now contributes around 40 per cent of global GDP in purchasing power parity terms. "During the existence of BRICS, its share of global merchandise trade has more than doubled, while intra-BRICS trade has already exceeded USD 1 trillion," he said.

Highlighting the bloc's technological strength, Putin said BRICS countries now account for more than one-third of ...