Putin to BRICS: Summit Statement Forms Basis for Joint Action, Liberal Globalization Model Is Outdated
Putin emphasized his hope that the document will establish a solid foundation for joint action in the traditional spirit of continuity and equal cooperation. The President also thanked his BRICS colleagues for their fruitful and constructive interaction.
In addition, according to Putin, settlements in national currencies among BRICS countries are steadily increasing.
Putin emphasized that the liberal globalization model formulated by the West has outlived its usefulness, and that the shift of trade activity to developing countries is stimulating strong economic growth, including in BRICS countries.
The Russian President said, "The global economic system is undergoing constant change. All indications indicate that the liberal globalization model is becoming outdated. The center of trade activity is shifting toward developing markets, triggering a powerful growth wave, including in BRICS countries."
Putin also previously noted that BRICS countries represent 40% of the global economy, with the combined GDP of the bloc amounting to $77 trillion. This is significantly higher than the G7 index, where the combined GDP of the G7 countries is only $57 trillion.
