Russian President Vladimir Putin told BRICS leaders that the era of liberal globalisation was obsolete and that the future belonged to swiftly growing emerging markets which should enhance the use of their national currencies for trade.
Putin spoke via video link to the summit in Rio de Janeiro due to an arrest warrant from the International Criminal Court which alleges he is responsible for war crimes in Ukraine. Moscow says the warrant is unfounded and pointless.
BRICS – an idea thought up inside Goldman Sachs two decades ago to describe the growing economic clout of China and other major emerging markets – is now a group that accounts for 45 per cent of the world’s population.
He told counterparts that BRICS had become a key player in global governance.
“Everything indicates that the model of liberal globalisation is becoming obsolete,” Putin said in televised remarks. “The centre of business activity is shifting towards the emerging markets.”
Putin also called on the BRICS countries to step up co-operation in a range of spheres including natural resources, logistics, trade and finance.
He noted that the expanded bloc now includes major countries from Eurasia, Africa, the Middle East, and Latin America and has what he described as “huge political, economic, scientific-and-technical, and human potential.”
The five core BRICS members – Brazil, Russia, India, China and South Africa – account for more than $28 trillion in nominal Gross Domestic Product in dollar terms while the Group of Seven accounts for more than $51trn, according the International Monetary Fund. Much of the economic clout of BRICS comes from China, which accounts for more than 60pc of the combined clout the BRICS members.
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