17th BRICS Summit: New Members Amplify Global Influence

The 17th BRICS Summit commenced on July 6, 2025, in Rio de Janeiro, Brazil, bringing together leaders from the expanded bloc to discuss reforms in global governance and economic cooperation. The summit marks the first gathering since the inclusion of new members: Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia, and the United Arab Emirates, alongside the original five—Brazil, Russia, India, China, and South Africa.

Brazilian President Luiz Inácio Lula da Silva, hosting the summit, emphasized the bloc's commitment to defending global trade rules and reshaping the international financial system. He stated, "BRICS is a force for promoting multilateralism and a more balanced global order." The expanded membership now represents over half the world's population and accounts for approximately 40% of global economic output.

The summit's agenda focuses on several key areas:

• Global Health Cooperation: Initiatives aimed at improving healthcare systems and ensuring equitable access to medicines and vaccines.

• Trade, Investment, and Finance: Discussions on reforming financial markets, enhancing the use of local currencies, and developing alternative payment systems to reduce reliance on the US dollar.

• Climate Change: Adoption of a BRICS Climate Leadership Agenda, including a Leaders' Framework Declaration on Climate Finance.

• Artificial Intelligence Governance: Promotion of inclusive and responsible international governance of artificial intelligence.

• Multilateral Peace and Security Architecture: Efforts to reform the global peace and security system to effectively address conflicts and humanitarian crises.

• Institutional Development: Enhancing the structure and cohesion of BRICS, especially with the inclusion of new members.

A significant development at the summit is the unified proposal by BRICS finance ministers for reforms to the International Monetary Fund (IMF). The proposal advocates for changes to the IMF’s quota system to better reflect the global economic standing of its members, increasing quotas and voting power for developing countries while safeguarding the interests of the poorest nations. Additionally, the ministers called for an end to the traditional practice of European leadership at the IMF in favor of a merit-based and regionally representative approach.

The New Development Bank (NDB), established by BRICS, announced plans to prioritize financing in local currencies, aiming to mitigate exposure to currency volatility and reduce dependence on the US dollar. NDB President Dilma Rousseff stated, "We will focus on financing and resource mobilization in local currencies, avoiding the creation of a unified BRICS currency."

Geopolitical considerations are also prominent at the summit. The bloc is adopting a cautious approach to avoid antagonizing the United States, particularly in light of President Donald Trump's threats of imposing 100% tariffs if BRICS challenges the dollar's dominance. Sensitive geopolitical issues, such as the Gaza conflict and Russia's war in Ukraine, are expected to be addressed with neutrality to maintain cohesion among the diverse member states.

Notable absences include Chinese President Xi Jinping and Russian President Vladimir Putin, who is participating remotely. Leaders such as India's Prime Minister Narendra Modi and South Africa's President Cyril Ramaphosa are present. The summit also serves as a platform for Brazil to advance its climate goals ahead of the upcoming COP 30 conference.

The expansion and initiatives of BRICS have significant social and economic implications:

• Global South Representation: BRICS seeks to amplify the voice of the Global South, advocating for a more inclusive and sustainable global governance framework.

• Economic Diversification: The focus on local currencies and alternative payment systems aims to reduce dependence on the US dollar, potentially leading to decreased demand for US currency and assets, with long-term implications for the American economy.

• Climate Initiatives: Investment in climate-related projects aligns with global environmental goals and positions BRICS as a leader in sustainable development.

As the summit progresses, the world watches closely to see how BRICS will navigate internal differences and external pressures to achieve its ambitious goals. The outcomes of this gathering could significantly influence the future of global economic and political dynamics.