Africa-Press – Angola. During the 17th Summit of Heads of State and Government of BRICS, Russian President Vladimir Putin advocated this Sunday the creation of an independent payment system and the strengthening of the use of national currencies in commercial transactions between the bloc’s member states. Speaking via video conference, the Russian statesman considered that the current international economic model is undergoing a transformation and that the so-called “liberal model of globalization” is already outdated. “We are witnessing profound changes in the world economic and political order. The unipolar system, which for years favoured the interests of the so-called ‘golden billion’, is in decline and becoming a thing of the past,” said the Russian leader. According to Vladimir Putin, strengthening BRICS as an economic and diplomatic alternative necessarily involves mechanisms that guarantee greater financial sovereignty to its members, and he advocated, in this sense, the development of its own instruments for clearing and settling banks, outside of traditional Western structures.
In his speech, Putin called for the intensification of cooperation between the countries of the group in the areas of trade, energy, logistics, natural resources and finance, considering these as “key spheres” for shared and sustainable growth.
“We need to consolidate our collective capabilities and build an economic and financial architecture that is up to the needs of our time,” he said.
The BRICS group, made up of Brazil, Russia, India, China and South Africa, currently represents around 28 trillion US dollars in nominal Gross Domestic Product, according to data from the International Monetary Fund (IMF).
Although still below the total of the Group of Seven (G7), estimated at over 51 billion dollars, the BRICS has been increasing its economic relevance and political influence at a global level.
With the summit being held in Rio de Janeiro, the bloc is also discussing proposals for the accession of new members, as well as strategies to strengthen its action in the multilateral context, promoting a more inclusive approach that is representative of the reality of developing countries.
The summit is being held under the motto “For a stronger, fairer and more inclusive BRICS”, and will be attended by heads of state and government of the member countries, as well as invited delegations from Africa, Asia and Latin America.
The President of the Republic, João Lourenço, is participating as a partner country and leader of the African Union.
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