Lavrov Pushes for Equitable Global Economy
(MENAFN) At the BRICS Summit held in Rio de Janeiro, Brazil, Russian Foreign Minister Sergey Lavrov emphasized that the bloc of emerging economies is striving to establish “a more stable global economic architecture.”
His statement was delivered on Sunday, according to the Russian Foreign Ministry.
Lavrov highlighted the increasing prominence of various regional alliances such as the African Union, the Community of Latin American and Caribbean States (CELAC), the Association of Southeast Asian Nations (ASEAN), the Shanghai Cooperation Organization (SCO), and the Eurasian Economic Union (EAEU).
These groups, he noted, are playing a vital role in ongoing initiatives to reshape the global financial system with values centered on fairness, multilateral cooperation, and the rejection of discrimination.
He emphasized that "nowadays, BRICS stands as an engine of such transformation, which seeks to create a more stable global economic architecture based on the principles of universality, transparency, non-discrimination and equal access to available opportunities and instruments.”
He further stated that "multipolarity is not a choice but rather an objective reality,” which he described as a natural evolution from the obsolete neoliberal model rooted in "neocolonial practices."
Lavrov portrayed this shift as a fundamental and unavoidable trend in the global political landscape.
Addressing global financial instability, Lavrov asserted that faith in the US dollar "as a formerly reliable payment instrument was undermined."
He stressed that many developing nations now allocate more resources to servicing their debts than toward advancing their economies.
Lavrov also pointed to worsening economic conditions in advanced economies, noting that the United States is grappling with a historic level of national debt, which has surged to $37 trillion and continues to climb.
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