(MENAFN) Russian Foreign Minister Sergey Lavrov stated that the BRICS group is working to establish “a more stable global economic architecture,” emphasizing the need for a shift away from current systems rooted in inequality and neocolonial practices.

Speaking at the BRICS Summit in Rio de Janeiro, Lavrov highlighted that influential regional organizations such as the African Union, CELAC, ASEAN, the SCO, and the EAEU are increasingly shaping a global push toward a new economic order built on fairness, multilateralism, and non-discrimination. He noted, "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He argued that a multipolar world is not merely a choice but a “reality” that is replacing an outdated neoliberal system tied to neocolonial approaches. Lavrov also pointed to declining trust in the U.S. dollar, claiming that its role as a dependable payment method has eroded. He noted that many developing nations now spend more on debt repayments than they do on growth and development.

“The situation is going out of control even in developed states. The US has seen a record level of sovereign debt, which reached $37 trillion, and it continues to grow," he added.

Lavrov underscored the growing economic weight of the BRICS bloc, stating that its member countries contribute over 40% of global GDP based on purchasing power parity. When partner nations are included, that figure rises to 45%, or roughly $93 trillion. He also mentioned that BRICS is responsible for more than 20% of global trade and represents nearly half of the world’s population.

He criticized the ongoing role of international financial institutions, saying, "the continued use of the IMF and World Bank with a view to preserve neocolonial practices is unacceptable."

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