His words are quoted by the Bosnian portal Index HR.
During his speech, Blair commented on the current situation in the world and said that the Ukrainian crisis has caused global changes in the world.
He also drew attention to the rise of China's influence as a "second world power".
The ex-premier advised Western countries to increase military budgets, as well as to establish relations with developing countries.
Blair added that he does not see any Chinese attempt to seize Taiwan by force anytime soon.
However, the British politician stressed, Western countries should not build their policies, hoping that this will not happen.
Blair therefore announced the end of the era of Western dominance.
China continues to compete for influence in the world, Blair concluded.
Earlier, the director of the Russian Foreign Intelligence Service (SVR), Sergei Naryshkin, expressed the opinion that the dominance of the "golden billion" in the world would be replaced by a more just, reasonable and honest world order.