Putin Declares Liberal Globalization Outdated at BRICS Summit

Addressing BRICS leaders at a summit in Rio de Janeiro, which he joined via video link because of an international arrest warrant for war crimes in relation to Ukraine, Putin said.

Putin highlighted the rapidly changing economic terrain as emerging markets gain influence. He called for more frequent use of national money in trade among BRICS states, pointing out that traditional international financial and economic mechanisms are no longer needed.

“Everything points to the fact that the model of unilateral, liberal globalization is becoming a thing of the past,” Putin said. “Business is becoming global and focused on the emerging markets.

He also urged more cooperation in areas such as logistics, finance, trade, and natural resources between BRICS members.

A Broader, Stronger Bloc
BRICS has grown significantly since it held its first summit in 2009. Find out how it was joined by South Africa, subsequently making it BRICS instead of BRIC. More recently, Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates became members in an expansion. It's the first time Indonesia is participating in the summit.

The enlarged BRICS is now home to 45% of the world's population. And the five core countries themselves drive more than $28 trillion in nominal GDP, while the Group of Seven overall hits more than $51 trillion, according to International Monetary Fund data.

Amid age-old established world forums in the G7 and G20 suffering internal rifts, exacerbated by U.S. President Donald Trump’s “America First” policies, BRICS offers itself as an alternative ground for diplomatic convergence and a call for global reform.

Multilateralism and Global Concerns
Opening the summit, Brazilian President Luiz Inacio Lula da Silva said BRICS could be compared to the Cold War era's Non-Aligned Movement, and represented the continuation of alternative voices in a divided world.

“BRICS is the son of the Non-Aligned Movement,” Lula said. “Our independence is under threat again as multilateralism is in a state of crisis.”

He noted that global institutions like the United Nations Security Council and the International Monetary Fund should reflect the multipolar world of today. Lula also branded the past U.S.-led military interventions in the Middle East as failed attempts.

In a joint statement, the leaders of BRICS voiced strong concern over the humanitarian crisis in Gaza, denounced strikes against Iranian civilian infrastructure and nuclear facilities, and condemned what they called a “terrorist attack” in Indian-administered Kashmir.

The group also cautioned against increasing tariffs that jeopardise global trade, alluding to protectionism with for instance the U.S. having propagated it in recent years.