Russia’s Lavrov says balance of power shifting to emerging economies

The global balance of power has tilted to major emerging economies such as China and India as US hegemony is increasingly undermined – much of it by its own actions, Russia’s Foreign Minister Sergey Lavrov said. In his speech on Saturday at the fifth Antalya Diplomacy Forum in Turkey, Lavrov argued that the foundations of globalisation powered primarily by America had “come to an end”. He added that the trend had been under way during former US president Joe Biden’s administration, and that current President Donald Trump’s wave of tariffs marked the twilight of an era of globalisation based on free markets, fair competition and lifting all barriers to trade and economy. Trump imposed a raft of trade tariffs worldwide after returning to office last year, with the levies evolving into a 10 per cent universal rate this year on nearly all imports to the United States, replacing country-specific reciprocal tariffs since a February ruling by the Supreme Court. In the wake of waning US influence, ushering in a new multipolar world was bound to bring its own set of challenges, Lavrov warned. “I think we are not at the middle of the path; we are at the beginning of the path,” he said at the three-day summit that ends on Sunday, attended by leaders mostly from Central Asia and the Global South. “I think it will be a historical age and a challenging one because somebody will have to abandon [their] habits to impose everything on everyone,” he said. Trump has accused the 11-member Brics bloc – which includes Brazil, Russia, India, China and South Africa, alongside newer entrants such as Iran, Egypt and Indonesia – of undermining the US and seeking to weaken the dollar’s global reserve currency status. “Trump [has] responded in a negative way to attempt to use something else and not the US dollar. Is it a freedom of choice?” Lavrov said. The US dollar has served as the primary basis for international transactions due to a combination of historical entrenchment as well as the size and liquidity of American financial markets. Since a 1944 Bretton Woods Agreement, the dollar has been at the centre of global trade and finance. Experts say economic tensions and conflicts such as the Iran war are undermining some of the foundations of the system, with Tehran selling oil using non-dollar currencies – primarily the Chinese yuan – to bypass US sanctions and challenge the petrodollar system. Brics nations meanwhile have been interested in creating a new currency to compete with the US dollar while advancing economic integration with each other, which analysts have forecast could pick up speed since the US imposed trade tariffs worldwide. Lavrov on Saturday said Brics was not the only one interested in establishing an independent payment system. “It is not by chance that an increasing number of subregional entities [are] thinking about working on being safe from [the] dictatorship of dollar. The dollar has been turned into a tool of war,” he said. “You see the economic growth of China and India and it outpaces the growth of the US. And this trend will continue. Therefore, the objective economic indicators are that the balance is changing.” The trend is leading to powerful new hubs of economic growth taking shape, according to Lavrov. “These are centres of excellence, high tech and economic powerhouses. And with that comes political clout.” Middle powers Lavrov was in Beijing on Wednesday for a two-day visit, where he met President Xi Jinping and Foreign Minister Wang Yi, marking the close and strategic ties between the two countries. The Russian foreign minister said his country’s trade with China was robust, including the supply of oil and gas through pipelines, highlighting that European nations had suffered economically after abandoning long-term supply contracts with Moscow because of its war with Ukraine. Lavrov claimed his nation was open to negotiations to reach a settlement with Ukraine. The two countries are reportedly exploring a meeting in Turkey’s capital Istanbul. Moscow’s forces have hit civilian areas almost daily since its all-out invasion of its neighbour over four years ago, with regular assaults occasionally punctuated by massive attacks. More than 15,000 Ukrainian civilians have died in the strikes, according to the United Nations. Russia has faced wide-ranging sanctions from the US, EU, UK, and other allies over its 2022 invasion of Ukraine. These measures have targeted Russian banks, elite individuals, and key industries like energy and aviation to hinder the war effort. On Friday, the Trump administration renewed a waiver allowing countries to buy sanctioned Russian oil at sea for about a month, even as lawmakers accused Washington of going easy on Moscow while its war on Ukraine went on. The waivers could impede the West’s efforts to deprive Russia of revenue for its war in Ukraine and put Washington at odds with its allies. European Commission President Ursula von der Leyen has said now is not the time to relax sanctions against Russia. The Ukraine war and the US-Israeli attack on Iran emerged as a focal point of discussions at the Antalya forum, with the role of middle-ranking nations in resolving conflicts and increasing their presence in multilateral institutions such as the UN also raised. Pakistan’s role as a mediator between Iran, US and ally Israel was among subjects put forth for debate on the role of middle powers. At a separate panel discussion at the forum, Comfort Ero, president and CEO of International Crisis Group said one reason middle powers such as Pakistan were involved in resolving regional conflict was because there were national security implications as Islamabad shared a long border with Iran. She added that major powers too often get involved in such negotiations out of self-interest, having greater leverage because of economic and security might. Janne Taalas, CEO of Martti Ahtisaari Peace Foundation also said on the panel: “Middle powers are not snow whites, they have their interests. “We are in a world where it is hard to predict what will happen in the next two weeks, let alone 10 years,” he added. “However, we will see more middle powers [emerging].”

Russia’s Lavrov says balance of power shifting to emerging economies

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}At the Antalya Diplomacy Forum in Turkey, Lavrov said the foundations of globalisation powered primarily by the US had ‘come to an end’

At the Antalya Diplomacy Forum in Turkey, Lavrov said the foundations of globalisation powered primarily by the US had ‘come to an end’