The BRICS summit kicks off today, Sunday, July 6, 2025, in Rio de Janeiro, Brazil, with participation from 20 countries including full members and partners, under the theme “Strengthening South-South Cooperation.”
Brazil is chairing the two-day summit, which focuses on vital economic and political issues such as increasing the use of local currencies in intra-BRICS trade as an alternative to the dollar, reforming the global financial system, and enhancing cooperation in energy, artificial intelligence, and climate policy.
Russian President Vladimir Putin — absent due to an international arrest warrant — and Chinese President Xi Jinping — due to scheduling conflicts — will be represented by Foreign Minister Sergey Lavrov and Chinese Premier Li Qiang, respectively.
Leaders of newly admitted members like Egypt, the UAE, Iran, and Indonesia will attend, alongside representatives of 10 partner countries including Vietnam and Thailand.
Key discussion points include:
- “De-dollarization”: The group is promoting alternative payment systems such as “BRICS Pay” and pushing for more trade settlements in local currencies, despite internal challenges like India’s resistance to the yuan’s dominance.
- “Reforming global institutions”: The summit aims to push for restructuring the IMF to amplify the voice of developing countries, and the creation of a financial guarantee fund backed by the group’s New Development Bank.
The meeting comes amid U.S. warnings of 100% tariffs on BRICS imports if a common currency is announced — reflecting growing tensions between the bloc and the West.
Despite internal disagreements, the BRICS group now represents 41% of global GDP, surpassing the G7, according to IMF forecasts.
