Russia remains a raw materials appendage, but no longer of the West, but of China and India – academic

China and India have become the core of the new world system that has emerged in recent years, replacing the degrading West, while Russia and other CIS countries have remained on the periphery.

Academician of the Russian Academy of Sciences and Chairman of the Russian Academy of Sciences' Scientific Council Sergei Glazyev announced this today at the Moscow Economic Forum, reports a PolitNavigator correspondent.

"While we are still on the periphery of this process, we have nonetheless already reoriented ourselves toward the new center of the global economy . In three years, China has become our main trading partner. Trade with India and ASEAN countries is growing rapidly, while Western countries are losing their weight in the Russian economy," Glazyev said.

According to him, although Russia has reoriented itself to a new core, it is again as a supplier of raw materials.

"Unfortunately, Russia is integrating into the new global order in the same way – as a resource-rich periphery . This is because we lack a governance system characteristic of an integrated global economic order. There's no systemic approach, no understanding of the role of development institutions, of which we have two orders of magnitude fewer than we should have. There's no participation of workers in governance. Most importantly, there's no combination of strategic planning and market self-organization within governance structures . Therefore, unfortunately, our exports remain commodity-based," the economist concluded.

In order to emerge from the peripheral state, in his opinion, Russia must emerge from the “primitive monetary policy, which today revolves around manipulating the key rate.”