MOSCOW, August 29. /TASS/. The unipolar model of the world has become obsolete and will be superseded by a new world order based on the recognition of the sovereign path of each nation, Russian President Vladimir Putin said in an address to the 7th Eastern Economic Forum posted on the Kremlin’s website on Monday.

"The key topic of this year’s meeting, on the path to a multipolar world, is crucial and extremely relevant. The obsolete unipolar model is being superseded by a new world order based on the fundamental principles of justice, equality, and the recognition of the right of each nation and state to its sovereign path of development," he said.

The Russian president stressed that "strong political and economic centers acting as a driving force of this irreversible process are being shaped in the Asia Pacific region." Participants in the forum, in his words, will discuss a wide range of issues linked with the prospects for closer trade, investment, scientific and humanitarian cooperation.

The 7th Eastern Economic Forum will be held in Russia’s Far Eastern city of Vladivostok on September 5 through 8, 2022.