Russian President Vladimir Putin has said that Western dominance in global affairs is weakening, with new economic centres emerging in the Global South.
In a video address to participants at the Open Dialogue international forum, President Putin said the traditional global order and business norms were gradually losing momentum, largely due to the actions of Western countries, which he said were now losing their leadership role.
He said the world was moving towards a complex and multipolar system, in which countries that value national sovereignty and choose their own path of development were becoming more prominent.
According to President Putin, no country could develop in isolation, nor sustain its progress at the expense of others, adding that present global challenges could only be addressed through joint efforts and a collective response.
He said a fair and sustainable global order could only be established on the basis of equality, mutual respect and consideration of the interests of all nations.
The Russian president stressed the need to shape global development in a manner that ensured people in every region had the right to a successful future and the freedom to choose their own path.
