Putin Labels Liberal Globalization Obsolete at BRICS Summit

At the annual BRICS Summit in Rio de Janeiro, Russian President Vladimir Putin declared the liberal model of globalization outdated, highlighting a shift towards developing markets. The summit saw participation from BRICS member countries, including new member Indonesia, advocating for reforms in Western-led institutions and promoting multilateralism. Notable absences included China's President Xi Jinping and Putin, who joined virtually due to an ICC arrest warrant. This gathering underscores the evolving dynamics of global economic power and the increasing influence of emerging markets.