The BRICS coalition has reaffirmed its collective stance in support of a rules-based multilateral trading system, condemning the imposition of unilateral, punitive and discriminatory protectionist measures, especially those framed under environmental pretences but misaligned with international law.
Comprising Brazil, Russia, India, China and South Africa, the bloc used the 17th BRICS Summit in Rio de Janeiro to call for greater equity in global trade and adherence to international norms. The summit was convened under the theme “Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance”, and culminated in the adoption of the 31-page Rio de Janeiro Declaration, which captured the strategic direction and outcomes of Brazil’s 2025 BRICS Presidency.
In the area of global finance, BRICS reiterated the urgent need to enhance the representation of emerging and developing economies within international financial institutions. The declaration explicitly called for an increase in the International Monetary Fund (IMF) quota allocations for these countries, as well as strengthened equity participation in the World Bank.
The bloc further advocated for deeper engagement on the use of local currencies in trade and investment, alongside enhanced interoperability among member states’ payment systems. To bolster financial integration, discussions have commenced on the establishment of a BRICS Multilateral Guarantees (BMG) initiative. The declaration also highlighted efforts to reinforce reinsurance capacities among member countries.
Artificial Intelligence (AI) was identified as a transformative force with significant potential to advance inclusive development. BRICS underscored the necessity for a global governance framework for AI that mitigates associated risks and ensures equitable access and benefit-sharing. The bloc emphasised that such governance should be inclusive, respect national sovereignty, and prioritise the needs of developing nations, particularly those in the Global South. The United Nations was identified as the central platform for advancing these governance mechanisms.
Indonesia was formally welcomed as a BRICS member, expanding the bloc’s footprint and reinforcing its role as a representative body for the Global South. In addition to the new membership, BRICS recognised Belarus, Bolivia, Kazakhstan, Cuba, Nigeria, Malaysia, Thailand, Vietnam, Uganda and Uzbekistan as partner countries.
Since its inception as a strategic platform for political and diplomatic cooperation among developing nations, BRICS has broadened its reach significantly. Initially comprising Brazil, Russia, India and China, the group expanded to include South Africa in 2011, followed by Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates in 2023, and Indonesia in 2025.
-Bernama
