The world is moving toward a multipolar order in which sovereignty is becoming central, Maksim Oreshkin has said
Russian deputy head of the presidential administration Maksim Oreshkin. © Sputnik / Aleksandr Kazakov
The
old model of globalization that dominated in recent decades has ended,
and the world is moving away from a unipolar order as other countries
begin to take the lead, the deputy head of the Russian presidential
administration, Maksim Oreshkin has said.
Speaking on Friday at
the Expert Dialogues at the National Center ‘Russia’ in Moscow, Oreshkin
said the end of the previous model does not mean the end of global
economic integration, but rather a transition to new principles.
Globalization is continuing on a “different basis,”
with leadership increasingly shifting away from a single center, he
said, as other countries begin to play a more prominent role in shaping
global economic processes.
Oreshkin said the involvement of major
economies such as China and India in the global economy has helped
improve living standards and reduce poverty, while supplying the world
with goods and services.
“We are indeed moving away from a unipolar world, and in today’s world one of the main words we hear is sovereignty,” Oreshkin said.
Only nations capable of maintaining sovereignty will be able to compete and take leading positions in this “multipolar development,” according to him.
Oreshkin also pointed to growing impact of sanctions, tariff
barriers, and other restrictions on the global economy, saying
traditional Western-led financial mechanisms are “no longer”
functioning effectively. He said this is forcing the global financial
system to search for new solutions, with decentralized systems such as
blockchain, artificial intelligence, and platform-based solutions
increasingly being used in place of traditional banking functions.