logo
Putin says that globalisation is obsolete and the future belongs to emerging markets

Putin says that globalisation is obsolete and the future belongs to emerging markets

Zawya07-07-2025
MOSCOW: Russian President Vladimir Putin told BRICS leaders on Sunday that the era of liberal globalisation was obsolete and that the future belonged to swiftly growing emerging markets which should enhance the use of their national currencies for trade.
Putin spoke via video link to the summit in Rio de Janeiro due to an arrest warrant from the International Criminal Court which alleges he is responsible for war crimes in Ukraine. Moscow says the warrant is unfounded and pointless.
BRICS - an idea thought up inside Goldman Sachs two decades ago to describe the growing economic clout of China and other major emerging markets - is now a group that accounts for 45% of the world's population.
"Everything indicates that the model of liberal globalisation is becoming obsolete," Putin said in televised remarks. "The centre of business activity is shifting towards the emerging markets."
Putin also called on the BRICS countries to step up cooperation in a range of spheres including natural resources, logistics, trade and finance.
The five core BRICS members - Brazil, Russia, India, China and South Africa - account for more than $28 trillion in nominal Gross Domestic Product in dollar terms while the Group of Seven accounts for more than $51 trillion, according the International Monetary Fund.
Much of the economic clout of BRICS, which also includes Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates, though, comes from China, which accounts for more than 60% of the combined clout the BRICS members.
(Reporting by Vladimir Soldatkin; editing by Guy Faulconbridge)
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Trump threatens Russia with 100% secondary tariffs if no deal on Ukraine in 50 days
Trump threatens Russia with 100% secondary tariffs if no deal on Ukraine in 50 days

The National

time9 hours ago

  • The National

Trump threatens Russia with 100% secondary tariffs if no deal on Ukraine in 50 days

US President Donald Trump on Monday threatened Russia with '100 per cent' secondary tariffs if it fails to reach a deal on ending the Ukraine war within 50 days. Mr Trump, speaking alongside Nato Secretary General Mark Rutte in the Oval Office, said he was 'disappointed' with President Vladimir Putin as the war in Ukraine drags on. 'We're going to be doing secondary tariffs if we don't have a deal in 50 days. It's very simple, and they'll be at 100 per cent and that's the way it is,' Mr Trump said. He added: 'I use trade for a lot of things. But it's great for settling wars.' The US President has taken a harder line on Russia in recent weeks as it has pounded Ukrainian cities. In April, Mr Trump urged Mr Putin to 'STOP!' launching deadly barrages on Kyiv. The following month, he said in a social media post that the Russian leader 'has gone absolutely CRAZY!' In response to a question from The National, Mr Trump said that 'I felt that we had a deal about four times, and here we are still talking about it'. The Russia-Ukraine war began in February 2022, when Russian forces invaded Ukrainian territory. The President also told reporters that the US would be building weapons that would be sent to European Nato countries. These systems would replenish supplies that had been sent to Ukraine from Europe. European countries would pay for the systems, Mr Trump emphasised. 'We make the best equipment, the best missiles, the best of everything – the European nations know that, and we've made a deal today,' he said. 'Billions of dollars' worth of military equipment is going to be purchased from the United States … and that's going to be quickly distributed to Ukraine.'

Minister-Counsellor Fan Xuecheng Attends China-Uganda Cultural and Educational Exchange Activities
Minister-Counsellor Fan Xuecheng Attends China-Uganda Cultural and Educational Exchange Activities

Zawya

time10 hours ago

  • Zawya

Minister-Counsellor Fan Xuecheng Attends China-Uganda Cultural and Educational Exchange Activities

On July 11, 2024, Minister-Counsellor Fan Xuecheng of the Chinese Embassy in Uganda attended a series of cultural and educational exchange activities at Luyanzi Institute of Technology and Makerere University. The activities were joined by Professor Zhu Hui, Vice Chairperson of the University Council of Zhejiang University; Ms. Wang Lihong, Principal of Luyanzi Institute of Technology; H.E. Judith Nsababera, Consul General of Uganda in Guangzhou; and Professor Barnabas Nawangwe, Vice Chancellor of Makerere University. In his remarks, Minister-Counsellor Fan Xuecheng stated that China and Uganda have long enjoyed friendly relations, and educational and cultural exchanges have built a bridge for enhancing mutual understanding and trust between the two peoples. China will continue to support people-to-people and educational cooperation, injecting fresh impetus into the comprehensive strategic cooperative partnership between the two countries. Consul General Nsababera and other participants noted that Uganda is willing to take this opportunity to strengthen cooperation with China and promote Uganda-China relations to a new level. The Ugandan premieres of two documentaries produced by Zhejiang University — Generation Z's China-Africa Stories and Along the Silk Road — were successfully held at Luyanzi Institute of Technology and warmly received. Zhejiang University also presented a collection of A Comprehensive Collection of Ancient Chinese Paintings to Makerere University, showcasing the richness of traditional Chinese culture. Distributed by APO Group on behalf of Embassy of the People's Republic of China in the Republic of Uganda.

China's trade surplus grew to $114.7 billion last month
China's trade surplus grew to $114.7 billion last month

Gulf Today

time10 hours ago

  • Gulf Today

China's trade surplus grew to $114.7 billion last month

China's exports regained momentum in June as firms rushed out orders to capitalise on a fragile tariff truce between Beijing and Washington ahead of a looming deadline next month, with shipments to Southeast Asian transit hubs particularly strong. Businesses on both sides of the Pacific are waiting to see whether the world's two largest economies can agree on a more durable deal or if global supply chains will again be upended by the reimposition of duties exceeding 100%. Chinese producers, facing weak demand at home and harsher conditions in the United States, where they sell more than $400 billion worth of goods annually, are also hedging their bets and racing to grab market share in economies closer to home. Customs data on Monday showed outbound shipments from China rose 5.8% year-on-year in June, beating a forecast 5.0% increase in a Reuters poll and May's 4.8% growth. 'There are some signs that frontloading demand is beginning to wane gradually,' said Chim Lee, senior analyst at the Economist Intelligence Unit. 'While frontloading ahead of the August tariff pause deadline is likely to continue, freight rates for China-bound shipments to the US have started to decline.' 'Trade diversion and rerouting appear to be continuing, which will attract the attention of policymakers in the US and other markets,' he added. Imports rebounded 1.1%, following a 3.4% decline in May. Economists had predicted a 1.3% rise. The upbeat set of data helped lift market sentiment with the blue-chip CSI300 up 0.2% at the midday trading break, while the Shanghai Composite Index gained 0.4%, nearing its highest level since October. Analysts and exporters are watching to see whether a deal agreed in June between US and Chinese negotiators will hold, after an earlier agreement reached in May was strained by a series of export controls that disrupted global supply chains for key industries. Exports to the US grew 32.4% month-on-month, with June the first full month of Chinese goods benefitting from reduced US tariffs, although year-on-year growth remained negative. Meanwhile, outbound shipments to the 10-member Association of Southeast Asian Nations jumped 16.8%. China's June trade surplus came in at $114.7 billion, up from $103.22 billion in May. China's rare earths exports rose 32% in June from the month before, the customs data showed, in a sign that agreements struck last month to free up the flow of the metals were possibly bearing fruit. But Chinese negotiators will struggle to talk the US into bringing tariffs down to levels that enable producers to turn a profit, analysts say, warning additional duties that exceed 35% will wipe out margins. 'Tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices,' said Zichun Huang, China economist at Capital Economics. 'We therefore expect export growth to slow over the coming quarters, weighing on economic growth,' she added. Beijing faces an August 12 deadline to reach a durable deal with the White House. In the meantime, Trump continues to broaden his global trade offensive with new tariffs on other partners. Analysts warn those measures could indirectly hurt Beijing by pressuring third countries used heavily for transshipments of Chinese goods. Trump recently unveiled a 40% tariff on US-bound transshipments through Vietnam, a move that could undermine Chinese manufacturers looking to reroute shipments and avoid higher duties. The US president has also threatened a 10% charge on imports from BRICS countries, in which China is a founding member, raising further risks for Beijing. Backing its fellow BRICS member, China's soybean imports in June hit a same-month record high, buoyed by a surge in purchases from top supplier Brazil to 9.73 million tonnes, which Trump has slapped with 50% tariffs. Imports of US soybeans, meanwhile, were just 724,000 tonnes. China's crude oil imports rebounded last month and reached the highest daily rate since August 2023, after refineries from Saudi Arabia and Iran increased operations. Iron ore imports climbed 8% from May. Meanwhile Chinese banks extended 2.24 trillion yuan ($312 billion) in new loans in June, more than triple May's total, and beating analysts' forecasts, helped by stimulus measures and a trade truce with the United States. Analysts polled by Reuters had predicted new yuan loans would reach 1.8 trillion yuan in June after 620 billion yuan in May. In the event, it also surpassed last June's 2.13 trillion yuan. Reuters

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store