Rio de janeiro: Russian President Vladimir Putin on Sunday declared that the model of liberal globalization is becoming obsolete, as he addressed the 17th BRICS summit via videoconference. Putin highlighted that the future of business is moving towards emerging markets, which he believes is triggering significant growth, notably among BRICS member states.

According to Anadolu Agency, Putin emphasized the importance of enhancing cooperation among BRICS countries to capitalize on new opportunities, particularly in sectors like technology, trade, and finance. He asserted that the 'unipolar system of international relations' is being replaced by a 'more just, multipolar world,' and that the shift in the global economic order is gaining momentum.

Putin also advocated for the increased use of national currencies in transactions among BRICS nations, pointing out that the bloc accounts for a substantial portion of the global economy. He cited IMF data for 2025, stating that BRICS countries, which cover a third of the earth's land area and nearly half of the planet's population, now represent 40% of the global economy with a combined GDP at purchasing power parity reaching 77 trillion dollars, surpassing other international organizations like the Group of Seven.

The summit, which began on Sunday, marked the 17th gathering of BRICS, originally comprising Brazil, Russia, India, China, and South Africa. The bloc has since expanded to include Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Indonesia as full members.

Russian presidential aide Yuri Ushakov previously announced that Foreign Minister Sergey Lavrov would lead Moscow's delegation at the summit, with Putin participating via videoconference. This arrangement was due to 'certain difficulties' related to the ICC's requirements, following an arrest warrant issued for Putin by the International Criminal Court in March 2023.