Russian President Vladimir Putin told BRICS leaders on Sunday that the era of liberal globalization is over and that the future belongs to rapidly growing emerging markets.
Speaking through a video link to the BRICS summit in Rio de Janeiro, Putin made the comments since he remained absent from the event due to an arrest warrant issued by the International Criminal Court.
The ICC alleges that it is responsible for war crimes in Ukraine.
Moscow has dismissed the order as a politically unfounded and driven.
“Everything indicates that the liberal globalization model is becoming obsolete,” Putin said. “The center of commercial activity is changing to emerging markets.”
He called BRICS members to deepen cooperation in key sectors, including natural resources, logistics, trade and finance.
Putin also encouraged the expanded use of national currencies for trade within the block, arguing that it would strengthen the economic independence of the West.
BRICS, originally coined by Goldman Sachs to describe the emergence of the main emerging economies, has become a powerful group.
Now includes Brazil, Russia, India, China and South Africa, with new members such as Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates.
Together, the block represents approximately 45% of the world's population and more than $ 28 billion in the nominal GDP, according to the International Monetary Fund.
In comparison, the group of seven (G7) advanced economies represent more than $ 51 billion.
China remains BRICS's economic engine, which represents more than 60% of the group's combined economic weight.
Putin's comments indicate a broader effort among BRICS countries to challenge the mastery of global economic institutions led by the West.
(Reuters)