WASHINGTON, June 4. /TASS/. The Global Majority countries have turned away from the neoliberal model that is harmful to them, and they are working on their own financial mechanisms in beneficial cooperation with BRICS member states, Helga Zepp LaRouche, the founder of the Schiller Institute, told TASS.

"We are experiencing right now the end of a period of 600 years of colonialism. The Global Majority, which represents more than 80% of the world population and 70% of the world’s GDP, is moving to build a new economic system based on a win-win cooperation and the Five Principles of Peaceful Cooperation," she said. Those principles include mutual respect for sovereignty and territorial integrity, mutual non-aggression, non-interference in each other's internal affairs, equality and mutual benefit, and peaceful coexistence.

The Global Majority countries "are working on their own financial mechanisms, which allow them access to credit for development to build up their own industrialized economies," the expert said. "If the countries of Europe and even the US would be reasonable they would open to cooperate with these countries as growing future markets, and all problems could be solved easily," Zepp-LaRouche noted. Meanwhile "the pro-atlanticist elites are completely unwilling to accept the fact that the disarray of the world order is the blow-back of their own policy," she stressed.

"The reason why the Global South has turned away from the neoliberal model is that it is harmful to them and they have now a much more advantageous option in cooperating with China and the BRICS in their effort to overcome underdevelopment and become middle level income countries in the near future," the expert said. "These establishments demonize Russia and increasingly also China. They are presently in a full delusion about the world and have talked themselves into believing their own narrative," she concluded.

Russian President Vladimir Putin said in an interview with the US journalist Tucker Carlson earlier that the share of G7 countries in the world economy amounted to 47% in 1992, whereas in 2022 it was down to slightly over 30%. Meanwhile the share of BRICS nations in the global economy was only 16% in 1992, but now it is greater than that of the G7, Putin added.