Putin Says Liberal Globalization Obsolete at BRICS Summit

Russian President Vladimir Putin addressed the 17th BRICS summit via video link from Rio de Janeiro, reiterating that the era of liberal globalization is over and that emerging markets now represent the future of global economic activity. He emphasized that the BRICS nations, which include Brazil, Russia, India, China, South Africa, and newer members such as Egypt, Ethiopia, Indonesia, Iran, and the UAE, together account for around 45% of the world’s population and a combined GDP exceeding $28 trillion nominally or $77 trillion in purchasing power parity, surpassing the G7 in some measures. Putin described the liberal global economic model as obsolete and in crisis, calling for deeper cooperation among BRICS countries in areas such as natural resources, logistics, trade, finance, and increased use of national currencies to reduce Western economic dependence. He framed the shift as part of a broader move toward a more just, multipolar world order replacing the previous unipolar system dominated by Western powers. China remains the dominant economic force within BRICS, contributing over 60% of the bloc's economic weight. Putin’s remarks reflect a strategic push by BRICS to challenge Western-led global economic institutions amid ongoing geopolitical tensions, including the International Criminal Court’s arrest warrant against him for alleged war crimes in Ukraine, which Russia dismisses as politically motivated.