The BRICS summit concluded yesterday with an expanded meeting of the leaders of the five BRICS nations and the Presidents of eight countries (Algeria, Argentina, Egypt, Indonesia, Iran, Kazakhstan, Senegal and Uzbekistan) and the Prime Ministers of an additional five countries (Cambodia, Ethiopia, Fiji, Malaysia, Thailand). Referred to as BRICS+, the meeting’s topic was Foster Partnership for Global Development in a New Era Towards Joint Implementation of the 2030 Agenda for Sustainable Development.
Russian President Vladimir Putin’s speech to the gathering emphasized that it is the disastrous policies of the Western nations that have caused the current global hyperinflationary crisis and deadly shortages, and he urged continuing cooperation among the BRICS nations and other countries and groupings, most especially the Belt and Road Initiative and the Eurasian Economic Union. Excerpts follow:
“We believe that it is very useful to hold BRICS+ meetings attended by the leaders of states that are interested in developing mutually beneficial cooperation with our association based on a similarity of views on current global political and economic issues and ways of dealing with them… It is notable that the leaders of the countries who are attending our meeting today stand for developing a truly democratic multipolar world order based on the principles of equality, justice and mutual respect where global trade and finance are free from obstacles and politically driven restrictions…
“I would like to point out that the importance of interaction with our partners who share our values has increased dramatically amid the current imbalances in international relations. This situation has been developing for a long time and is the inevitable result of a policy of those who advocate a so-called liberal world order towards eroding international law and undermining multilateral institutions. Seeking to preserve their domination, some countries have been working consistently to replace the existing global architecture that relies on the central role of the United Nations with a rules-based order. But it is not clear who invented these rules and what they are…
“The international monetary system is being destabilized, and industrial, logistics and investment chains are being broken. Rapid price increases for food, energy and commodities are having a serious socioeconomic effects, especially on the development of countries in Asia, Africa, Latin America and the Middle East. Colleagues and friends, I would like to stress once again: this is not the result of the past few months and by no means a consequence of Russia’s special military operation to protect Donbass…
“Once again, this jump in inflation did not happen yesterday. It has been happening over the past several years as a result of the long-term, and I want to stress this, irresponsible macroeconomic policy of the G7 countries, uncontrolled money creation and accumulated unsecured debts. This process was accelerated by the pandemic when both the supply and demand for goods and services drastically dropped on a global scale…
