Russian President Vladimir Putin on Sunday urged the BRICS countries to increase the use of local currencies in international trade and capital investment among the bloc's nations.

"The BRICS countries have a combined economy worth $77 trillion, far exceeding that of the Group of Seven (the G7, the United States, Great Britain, Germany, France, Italy, Canada, and Japan)," Putin said, participating in the first session of the BRICS summit in Moscow via videoconference.

A quarter of global trade is carried out by the bloc's countries, according to data from the Brazilian presidency.

In addition to Brazil, Russia, India, China, and South Africa, the countries whose initials give the BRICS its name, the BRICS also includes Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. Since last year, the following countries have joined as associates: Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam.

Putin considered it a central task for the BRICS countries to continue developing cooperation in key areas such as politics and security, economics and finance, and cultural and humanitarian exchanges.

In this regard, he said it is essential for member countries to increase the use of national currencies for trade transactions within the group."It is necessary to continue expanding the use of national currencies in settlements," he noted.