Putin Declares End of Liberal Globalisation at BRICS Summit

In a bold statement, Russian President Vladimir Putin declared that the era of liberal globalisation has become obsolete, urging BRICS nations to reinforce their economic collaboration and use national currencies for trade. Addressing the summit attendees via video link, Putin underscored the necessity of a shift towards rapidly expanding emerging markets.

Despite an International Criminal Court arrest warrant accusing him of war crimes in Ukraine, a claim Moscow deems unfounded, Putin engaged with BRICS leaders gathered in Rio de Janeiro. The bloc, initially a concept from Goldman Sachs, now represents 45% of the global population and is majorly influenced by China's economic presence.

Putin called for enhanced cooperation among BRICS countries, specifically in sectors like natural resources, logistics, trade, and finance. The five principal member countries—Brazil, Russia, India, China, and South Africa—together contribute over $28 trillion in GDP, showcasing the bloc's growing economic significance in contrast to the Group of Seven.

(With inputs from agencies.)