Putin: Western countries losing global dominance to Global South

Western countries have been losing their global dominance, giving way to new growth centers in the Global South, amid the unfolding multipolar architecture, Russian President Vladimir Putin said in a video address to participants and guests of the Open Dialogue international forum.

"Previous approaches and well-established norms and rules of business and international relations have been gradually slowing down, including because of actions by Western countries which are losing their leadership roles, giving way to new growth centers, to the Global South," the Russian leader maintained.

According to him, a more intricate, multipolar architecture of global development, dominated by countries that understand and appreciate the importance of national sovereignty in various fields and can choose their development path independently, is currently being established. "Obviously, not a single country can develop on its own - either at the expense of other nations or to their detriment. In addition, modern global challenges require a joint response and collective efforts," Putin added.

There can be a sustainable and fair model of global development only if it relies on the principles of equality and mutual respect and takes the interests of all countries into account, he argued.

"It is important to focus the entire global development platform so everyone anywhere on Earth can have the right to a successful future, choose their own path, and put their choice into practice step by step," the Russian president concluded.