Russian President Vladimir Putin said at the BRICS summit that began today that the liberal model of globalization is outdated, Reuters reported.

Joining the opening of the forum via video link, Putin also called on the BRICS countries to strengthen their cooperation in a number of areas, such as natural resources, logistics, trade and finance, BTA reported.

"The change in the global economic model continues to gain momentum. Everything indicates that the model of liberal globalization is coming to an end. The center of economic activity is shifting to emerging markets, which is causing a powerful wave of growth, including in the BRICS countries," the Russian president said, quoted by TASS.

"The unipolar system of international relations, which served the interests of the so-called golden billion, is a thing of the past. And it is being replaced by a fairer multipolar world," Putin said, adding:"The world is undergoing cardinal changes."

The Russian head of state emphasized that in terms of economic indicators, BRICS significantly outperforms a number of other groupings of countries, including the G-7, where the aggregate gross domestic product is a quarter lower according to data for 2025.

Putin noted that the BRICS countries account for 40% of the world economy, and the total GDP of the BRICS countries reaches $77 trillion. This significantly exceeds the indicators of the G-7 countries, where the combined GDP amounts to only $57 trillion.

According to the International Monetary Fund (IMF), the five main BRICS countries - Brazil, Russia, India, China and South Africa - have more than $28 trillion in nominal GDP in dollar terms, and the Group of Seven - over $51 trillion.