The era of liberal globalization is outdated, the future belongs to emerging markets – transmits a little to Brick leaders
Vladimir Putin. PHOTO: Maxim Shemetov / AP / Profimedia Images
Russian President Vladimir Putin said on Sunday, in front of BRICS leaders, that the age of liberal globalization is outdated, and the future belongs to the rapidly growing emerging economies, which should intensify the use of national currencies in international trade, reports Reuters.
Vladimir Putin chose to participate only by video conference at the BRICS summit in Rio de Janeiro, due to the arrest warrant issued by the International Criminal Court, which accuses him of war crimes in Ukraine, recalls News.ro. The Kremlin rejects the accusations as unfounded and lacking.
“It all shows that the model of liberal globalization becomes perimed. The gravity center of economic activity moves to emerging markets,” Putin said in his television statements.
Putin asked the BRICS Member States to intensify cooperation in areas such as natural resources, logistics, trade and finance.
The BRICS format – initiated two decades ago in the Goldman Sachs to describe the economic ascension of China and other major emerging markets – represents today a block that total 45% of the global population.
The main members of BRICS – Brazil, Russia, India, China and South Africa – generate over $ 28,000 billion in nominal GDP, according to the International Monetary Fund.
In comparison, the group of the seven (G7), of the world's most advanced savings, exceeds $ 51,000 billion.
Recently extended, the BRICS group also includes Egypt, Ethiopia, Indonesia, Iran and United Arab Emirates. However, much of the economic force of BRICS comes from China, which contributes over 60% to the combined economic power of members.
