India, Sept. 13 -- Russian President Vladimir Putin on Sunday proposed creating an insurance mechanism and a collaborative grain market within BRICS, calling for greater economic cooperation among member countries and a collective approach to tackling global challenges.

Addressing the concluding session of the BRICS summit, Putin said the grouping had the potential to develop independent mechanisms for the movement of capital, labour and technology while reducing its vulnerability to external pressures.

"We have independent routes for moving capital, labour and technologies. In fact, we can operate regardless of outside pressure," Putin said.

"We have some promising initiatives going forward, such as creating an insurance mechanism and...