Putin Calls for Accelerated Shift to New Economic System, Highlighting Asia’s Potential in Global Rise Through BRICS Unity
At the recent BRICS summit in Russia, President Vladimir Putin called on the Global South to speed up the transition towards a new, more equitable economic and financial system, a move aimed at reducing reliance on traditional Western-dominated financial institutions and currencies.
Putin emphasized that Asia, particularly through its collective efforts within BRICS, has the potential to dramatically shift the global economic balance in the coming years. The BRICS grouping — which includes Brazil, Russia, India, China, and South Africa — has long sought to challenge the hegemony of the US dollar and the financial systems controlled by Western powers. In this context, Putin urged that the Global South, particularly the rising economies of Asia, accelerate their efforts to reshape global financial architecture.
He pointed out that the weaponization of the US dollar, particularly through sanctions and its political use, has created an urgent need for alternatives. The Russian President stated that BRICS countries are already exploring mechanisms that could reduce dependence on the dollar and establish a more multipolar global financial system. This includes potential new currencies, alternative trade routes, and financial structures that serve the interests of developing countries.
Putin’s remarks are also a clear recognition of the growing influence of Asia, which is rapidly becoming the center of the global economy. With Asia already home to some of the world’s largest economies — such as China and India — and emerging markets continuing to grow, the region is poised to play a pivotal role in the evolution of global finance.
Through closer cooperation and unity within BRICS, Asia has the opportunity to rise as a global economic powerhouse. Putin emphasized that such unity would not only enhance the economic strength of BRICS nations but would also foster a new, more inclusive world economy that better reflects the needs of the Global South. He expressed confidence that the establishment of a more diversified financial system would be a key step toward greater economic independence and stability for countries in Asia and beyond.
Putin’s call for action comes as BRICS nations are already taking concrete steps to enhance trade and investment among themselves, building stronger financial ties that are less reliant on the West. This includes initiatives like the use of local currencies in trade, the establishment of the New Development Bank to finance infrastructure projects, and the potential for new alternatives to the SWIFT system for cross-border transactions.
In conclusion, President Putin’s message at the BRICS summit highlights the critical importance of Asian unity and collaboration within the BRICS framework. If these countries continue to strengthen their economic ties and reduce dependency on traditional Western financial systems, Asia has the potential to reshape the future of global trade and finance, asserting itself as a key player in the new multipolar world order.