Latest news with #RioDeclaration
IOL News
3 days ago
- Business
- IOL News
BRICS+ in Rio: A Bold Voice for the Global South
General view during a plenary session of the BRICS summit in Rio de Janeiro, Brazil, on July 7, 2025. BRICS leaders at a summit on Sunday took aim at US President Donald Trump's "indiscriminate" import tariffs and recent Israeli-US strikes on Iran. This week, the world watched as Rio de Janeiro became the epicenter of multipolar ambition. The XVII BRICS Summit, the first held in Brazil since the bloc's historic expansion – closed with the Rio Declaration, a sweeping 90+ point manifesto aimed at reshaping the world's economic and political architecture. Aspirational and unapologetically assertive, the declaration stands as a powerful counterpoint to the outdated neoliberal script that has dominated global governance since Bretton Woods. From the outset, BRICS+ made its intentions clear. This is no longer a loose coalition of 'emerging markets.' It is a political project rooted in sovereignty, fairness, and systemic reform, united by a shared determination to build a world that works for the majority, not just the privileged few. The summit's theme, Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance, echoed loudly throughout Rio that this summit was not about following rules made in Washington or Brussels, but about rewriting them. With over half the world's population now represented across 11 full BRICS+ members and 11 additional partner countries, the group embodies the Global Majority. This summit reaffirmed the bloc's core message, that developing nations are not passive players in global affairs – they are protagonists. The Rio Declaration called for a 'reformed and reinvigorated multilateral system,' challenging the deep structural imbalances of institutions like the UN Security Council, International Monetary Fund (IMF), and World Bank (WB). These bodies, relics of the post-WWII order, no longer reflect global realities. Brazil and India were explicitly endorsed for expanded roles at the UN. African nations were rightly upheld as essential actors in shaping the future, a gesture that was both symbolic and strategic, recognising the continent's rising economic, cultural, and political influence. The Declaration was firm in its stance on sovereignty. BRICS+ leaders rejected the use of unilateral coercive measures, particularly economic sanctions not authorised by the UN Security Council. This wasn't just rhetorical, it was a statement of principle, aimed at ending the era of financial bullying disguised as diplomacy. Iran's presence in BRICS+ and the group's support for its sovereignty is significant. For decades, Iran has been subject to punishing sanctions regimes that cripple civilian infrastructure and stifle development. BRICS+ is emerging as a safe haven for nations resisting economic domination and choosing development on their own terms. This insistence on sovereignty extended to conflicts across the globe. The bloc denounced Israeli military strikes on Iran and voiced deep concern over the humanitarian catastrophe in Gaza, calling for an immediate ceasefire and reiterating support for a two-state solution, grounded in international law and UN resolutions. These are not fringe opinions. These are globally resonant positions finally given the weight they deserve. In response to U.S. President Donald Trump's latest tariff threats, including a proposed 10% levy on BRICS-aligned countries, the bloc took aim at 'indiscriminate tariff measures' that threaten global trade and economic stability. This was not merely a rebuke of U.S. policy but a rejection of a global economic model built on domination, conditionality, and coercion. In its place, BRICS+ is proposing a new framework. Discussions on a BRICS Cross-Border Payment System, a BRICS Multilateral Guarantee Agency, and a common digital currency framework show the group's commitment to building the financial infrastructure of the future. This is economic sovereignty in action, reducing dependency on the dollar and expanding the tools available to the Global South to finance its own development. The New Development Bank (NDB) continues to scale up its operations, providing an alternative to the austerity-driven lending models of the Bretton Woods institutions. With green finance, sustainable infrastructure, and digital transformation at the heart of its portfolio, the NDB is quietly becoming the financial backbone of the Global South's development agenda. The Rio Declaration also took aim at the politics of technology. With artificial intelligence poised to define global power in the decades ahead, BRICS+ made a clear stand. AI governance must be inclusive, equitable, and open to the Global South. The idea that transformative technologies should only serve a handful of elite economies is being firmly rejected. Instead, the bloc is pushing for shared knowledge, ethical frameworks, and collaboration. This extends to climate change, energy cooperation, digital infrastructure, and health sovereignty – areas where BRICS+ members are already exchanging knowledge, funding joint projects, and leading by example. Whether through the rollout of 5G to remote Brazilian schools, green hydrogen investments in South Africa, or AI partnerships between China and the UAE, BRICS+ is acting decisively in spaces where others have offered only platitudes. The geographic and political diversity of the expanded BRICS+, now including Indonesia, Ethiopia, Egypt, Saudi Arabia, the UAE, and Iran, proves that the vision of a multipolar world is already in motion. The addition of 11 new partner countries, including Nigeria, Thailand, Kazakhstan, and Cuba, only deepens the reach and legitimacy of this global project. This is not a bloc defined by ideology. It is defined by common purpose, to rebalance the global order, to restore dignity to international cooperation, and to place development, not dominance, at the center of diplomacy. In Rio de Janeiro, BRICS+ didn't just hold a summit, it laid the foundation for a new era of global leadership. President Luiz Inácio Lula da Silva rightly emphasised that 'it is up to emerging countries to defend the multilateral trade regime and reform the international financial architecture.' With its growing influence, coherent vision, and deepening partnerships, BRICS+ is proving that it is not a reactive force but a constructive one. One that speaks for the silenced, acts for the excluded, and plans for the generations to come. In the past, the Global South was told to wait its turn. In Rio, it stood up, took the pen, and began writing the rules. By Chloe Maluleke Associate at the BRICS+ Consulting Group Russian & Middle Eastern Specialist ** MORE ARTICLES ON OUR WEBSITE ** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
IOL News
3 days ago
- Business
- IOL News
BRICS countries unite to blunt Trump's bullying
Brazil President Luiz Inácio Lula da Silva and South Africa's President Cyril Ramaphosa in discussion at the XVII BRICS Summit held on July 07, 2025, in Rio de Janeiro, Brazil. Image: GCIS Kim Heller BRICS is a rising superpower. With an enviable geopolitical footprint across Africa, the Middle East, and Asia, the BRICS countries collectively account for over 45% of global GDP. The 17th BRICS Summit, held in Rio de Janeiro this week, showcased the bloc's immense potential and steady growth. The Rio Declaration, adopted at the summit, sets out a compelling vision for a more equitable global economic matrix. The summit paraded BRICS as an ardent king-in-waiting in a royal quest for a global economic renaissance. It appears as if BRICS is shaping up, despite its internal economic and ideological asymmetries. There was an atmosphere of confidence and prowess at the summit, accompanied by a greater measure of strategic cohesion than in previous summits. The President of Brazil, President Luiz Inácio Lula da Silva, spoke of BRICS as a 'set of countries that want to find another way of organising the world from the economic perspective." The President of Brazil declared, "The world has changed. We don't want an emperor." Echoing this sentiment, Vladimir Putin, the President of Russia, who joined the meeting remotely, stated, "Everything indicates that the model of liberal globalisation is becoming obsolete. The centre of business activity is shifting towards the emerging markets." The architecture of today's global financial world is engineered to favour the Global North. According to the World Bank, the Global South accounted for 40% of global trade in 2024; however, its average tariffs of 6.5% were significantly higher than the 2.5% average for developed economies. The United States and the European Union continue to rule over the IMF and World Bank, while G7 countries dictate the global economic to shift inequalities and imbalances in the world's economic matrix and recalibrate global monetary policy, the BRICS summit focused on reducing reliance on the U.S. dollar and stimulating local currencies, trade, and investment. This includes a ten billion U.S. dollar investment platform via the New Development Bank to drive, incentivise, and boost trade and infrastructural development within and across BRICS nations. Multilateral guarantees will help reduce financing costs. To achieve more equitable monetary policies, practices, and participation, BRICS reiterated its call for stronger representation on the United Nations Security Council and for IMF quota reforms to be implemented by the end of the year. Trade statistics of BRICS countries. Image: Graphic News The Rio de Janeiro Declaration reiterated the need for developed nations to fulfil their climate change obligations. China and the UAE committed to supporting Brazil's "Tropical Forests Forever" Africa's President, Cyril Ramaphosa, described BRICS as a platform for sovereign economic coordination free from geopolitical coercion. But U.S. President Donald Trump wasted no time in threatening countries that aligned with "anti-American BRICS policies" with an additional 10% tariff. He has stated that BRICS was created to destroy the U.S. dollar. Several BRICS leaders have retaliated, condemning the weaponisation of tariffs. Mao Ning, a spokesperson for the Chinese Foreign Ministry, stated that the arbitrary increase in tariffs does not serve anyone. He spoke of the dollar's domination as more than just an economic issue. "It is a 'geopolitical chokehold." Speaking out against Trump's new tariff warning, President Ramaphosa said, "There needs to be greater appreciation of the emergence of various centres of power in the world, as the declaration observed, and this should be seen in a positive light rather than in a negative light." Ramaphosa also stated that "These powers should be seen as complementary, as advancing the interests of people.' Donald Trump cannot conceive of a world where the dollar is not the gold standard. But a new world is waiting to be born. It may not be tomorrow, but it is in the making. Reflecting on the BRICS Summit, President Narendra Modi of India spoke about how the moment reaffirmed the commitment to shared growth. He said, "The Global South isn't begging for fairness, it's demanding it. The economic order's bias is a relic, and BRICS is ready to rewrite the rules.' The re-engineering of power relations is vital for BRICS, as U.S. dollar dependence creates and reinforces economic power inequalities and imbalances, keeping the Global South hooked on a global order that treats it as a junior partner. However, for now, BRICS is no match for the U.S. With many of its member states highly dependent on U.S. markets and trade, de-dollarisation has little currency for now. It is unlikely that countries such as India and Brazil, as well as newcomers Saudi Arabia and the UAE, will compromise their economic relations with the U.S. in the short to medium term. The U.S. dollar is King for now. There will be small, gradual wins for BRICS. Already, the lion's share of Russia's trade with BRICS partners is dollar-free. China is currently using BRICS Pay, albeit on a small-scale, pilot basis. However, with low currency swaps and conversions, and poor equity, the grand plans for a shared BRICS currency and a SWIFT alternative are remote. This may change over time. De-dollarisation will need to be correctly paced, especially given the vastly different relations member states have with the U.S. The process of de-dollarisation and the overhaul of the global economic system is likely to be slow and laboured and distinctly uneven across different member states, economic sectors, and industries. Trump's distasteful bully boy tactics will eventually wear thin, and U.S. relations will falter. The bloc's challenge is to keep its diverse assembly of member states united around a common vision of a world where the Global South will be the leading player in world economic affairs. BRICS needs to play the long game. * Kim Heller is a political analyst and author of No White Lies: Black Politics and White Power in South Africa. ** The views expressed do not necessarily reflect the views of IOL, Independent Media or The African.
The Diplomat
5 days ago
- Business
- The Diplomat
At Rio, the BRICS Projected the Voice of the Global South
India's presence in BRICS gives the grouping, which is often seen to be 'anti-West' a 'non-West' image. The 17th BRICS summit at Rio de Janeiro on July 6-7 concluded with members committing to strengthening multilateralism, defending international law, and striving for a more equitable global order. Given the myriad global challenges, including war and economic upheavals, amid which the Rio Summit took place, it was no surprise that Brazil, which hosted the summit for the fourth time since its founding in 2009, chose the theme, 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' The summit focused on reform of global governance, peace and security, strengthening multilateralism, economic and financial affairs, and artificial intelligence and global health. The Rio Declaration included 'a commitment to reforming and improving global governance.' It was forthright in criticizing the Donald Trump administration's imposition of unilateral sanctions and trade-limiting measures. There was a strong call — some say much more robustly than before — for the 'need to adapt the current architecture of international relations to better reflect the contemporary realities.' The declaration reaffirmed the group's 'commitment to multilateralism and upholding the international law' with a recognition of the 'central role of the UN in the international system.' This must be seen against the backdrop of Trump's moves to pull the U.S. away from multilateral institutions and his penchant for imposing unilateral tariffs on countries with whom the U.S. has a trade deficit. Importantly, BRICS endorsed a bigger role for the Global South by calling for 'greater and more meaningful participation and representation' of Emerging Markets and Developing Countries, as well as Least Developed Countries, especially from Africa, Latin America and the Caribbean in global decision-making processes and structures. 'We highlight the importance of the Global South as a driver for positive change, especially in the face of significant international challenges, including deepening geopolitical tensions, rapid economic downturns and technological changes, protectionist measures and migratory challenges. We believe BRICS countries continue to play a pivotal role in voicing the concerns and priorities of the Global South, as well as in promoting a more just, sustainable, inclusive, representative and stable international order based on international law,' it said. The Rio Summit criticized the military strikes on Iran last month. However, neither the U.S. nor Israel was named. But it did express 'grave concern' over 'the resumption of continuous Israeli attacks against Gaza and obstruction of the entry of humanitarian aid into the territory.' There was also condemnation of 'the use of starvation as a method of warfare.' For India, a key takeaway from the summit was the BRICS' declaration's condemnation of the April 22 terrorist attack at Pahalgam that killed 26 people. Although Pakistan, which India believes was behind the attack, was not named in the statement, the fact that the declaration underlined the primary responsibility of states in combating terrorism was endorsed by China, Egypt, Saudi Arabia and the UAE, is a matter of satisfaction. China is Pakistan's avowed all-weather friend, while Egypt, Saudi Arabia and the UAE are members of the Organization of Islamic Cooperation, which routinely criticizes India on Kashmir. This, especially against the backdrop of a perception in India that its military action, Operation Sindoor, had not garnered much international support. BRICS' condemnation of the attack at Pahalgam was all the more significant as only last month, a Shanghai Cooperation Organization (SCO) defense ministers' meeting in China, under pressure from China and Pakistan, kept out any reference to the attack. India had refused to sign the SCO joint statement. With Brazil passing the baton of the BRICS chair to India, New Delhi will have an opportunity to set a constructive and forward-looking agenda. Currently, BRICS brings together eleven major emerging economies of the world, representing around 49.5 percent of the global population, around 40 percent of the global GDP and around 26 percent of global trade. As the chair of the G-20 in 2023, India positioned itself as the voice of the Global South, holding discussions with countries unrepresented at the G-20 table and including their inputs for the Delhi summit. It also took the initiative to welcome the African Union as a full member of the G-20. As the host of the BRICS summit in 2026, India will have the opportunity to burnish its credentials as a voice of the Global South. India has already set its aim to 'redefine BRICS as Building Resilience and Innovation for Cooperation and Sustainability.' In his remarks at Rio, Prime Minister Narendra Modi said that India would 'advance this forum with a people-centric approach and the spirit of 'Humanity First.'' In that, India would be taking the path it took at the G-20 Summit in Delhi when it incorporated inclusivity as a central plank of its presidency and spotlighted the concerns of the Global South. India has been pushing developed countries to commit to increased funding and technology transfers for countries of the Global South to strengthen their capacity to fight climate change. This is likely to figure prominently in the agenda India sets for the BRICS summit next year. Brazil, Russia, India and China founded BRICS — then known as BRIC — in 2009. The grouping's membership has grown since. South Africa joined in 2011, and Egypt, Ethiopia, Iran and the UAE in 2024. In January this year, Indonesia became a full member. Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda and Uzbekistan are 'partner countries.' Several BRICS members view the grouping as an alternative to the West. However, several Western countries view it as an 'anti-West bloc.' For example, Trump, who sees BRICS as a threat, has warned of consequences against moves such as the proposed BRICS common currency that would challenge the U.S. dollar. While the presence of China, Iran and Russia in BRICS makes it seem an 'anti-West' forum given their serious disputes with the U.S. and the European Union, India, which is a member of the Quad, helps temper opinions to make it appear 'non-West' but not 'anti-West.' In that sense, BRICS has helped India preserve its freedom to engage with partners across geopolitical divides, keeping its national interests front and center. Last but not the least, by being part of BRICS, India has sought to ensure that the grouping is not fully dominated by its strategic rival, China. While India may not be challenging China openly just yet, it aspires to be a pole or a global power in a multipolar world. By being a BRICS member, India hopes to ensure that China doesn't weaponize the platform against India. It also ensures that China doesn't solely corner the leadership of the Global South. Going forward, BRICS faces several challenges. Given the expanding membership, consensus may be hard to find on key global issues, given that each member state has its own priorities and national interests. Bilateral tensions between members could also hamper progress. BRICS, therefore, seems to be at a critical crossroads – it can either be overwhelmed by internal contradictions or it can cement its position as a forum that can hold existing power centers accountable while coming up with solutions acceptable to the Global North and Global South. As the chair of BRICS in 2026, India will have an opportunity to steer the grouping in the latter direction, despite the many fault lines that can divide the grouping.
&w=3840&q=100)
First Post
6 days ago
- Business
- First Post
Brics Rio summit: A double espresso shot for big effort ahead
Brazil, as the current chair, and India, as the next chair of Brics, should collaborate to devise a way to bring the US and European Union closer to the Rio formulations read more The 17th summit of Brics was held in Rio de Janeiro from 6 to 7 July under trying circumstances, with Israeli and US military strikes against Iran—a new Brics member—dominating the immediate backdrop. Furthermore, the failure of the Brics foreign ministers to produce a joint statement at their April meeting had raised doubts about whether Rio would succeed in crafting a joint declaration at all. In this light, Brazil, as the chair and host, scored a notable success, delivering an impressive summit. Prime Minister Narendra Modi, therefore, commended President Lula for the summit's excellent organisation, which gave Brics cooperation 'fresh momentum and vitality.' Modi added, 'And let me say—the energy we have received isn't just an espresso; it is a double espresso shot.' STORY CONTINUES BELOW THIS AD Besides the Rio Declaration, the summit produced three other important documents: on climate finance, the global governance of artificial intelligence, and the partnership for the elimination of socially determined diseases. To appreciate the value and importance of what was achieved at Rio, it is necessary to analyse the summit declaration and then assess the potential for its implementation in the future. Declaration – Key Elements With its 126 paragraphs, the Rio Declaration is longer than the declaration of the Johannesburg Summit (2023) but shorter than the declaration of the Kazan Summit (2024), which had 134 paragraphs. Right at the outset, the latest declaration reiterates the commitment to 'the Brics spirit', encompassing 'mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, collaboration, and consensus.' It refers to the grouping's three pillars of cooperation: political and security, economic and financial, and cultural and people-to-people connect. Brics aims to enhance strategic partnership through the promotion of peace, a fairer international order, a reinvigorated and reformed multilateral system, and sustainable development. The declaration is divided into five sections. The first section on strengthening multilateralism and reforming global governance highlights the need for comprehensive reform of global governance institutions, particularly the UN, the World Bank, the WTO, and the WHO. Para 6 deals with the reform of the UN Security Council. It represents some improvement from India's perspective. Deviating from the Kazan Declaration, it stresses the support of China and Russia as permanent members of the Security Council for 'the aspiration of Brazil and India to play a greater role in the United Nations, including its Security Council'. In contrast, the Kazan formulation referred to 'Brics countries', not Brazil and India specifically, in this context. The underlying spirit of the Rio Summit was to strengthen cooperation among the Global South countries. Para 8 emphasised the importance of the Global South 'as a driver for positive change', especially in light of geopolitical tensions, rapid economic downturns, and technological changes. The summit participants were fully cognisant of the need for a 'collective global effort' to establish suitable AI governance. STORY CONTINUES BELOW THIS AD In the second section on promoting peace, security, and international stability, the grouping articulated its consensus view on several global and regional issues, including the conflicts in Ukraine and West Asia. It condemned the military strikes against Iran, without naming the authors. Para 34 contains a 'strong condemnation of any act of terrorism'. Bearing India's imprint, the Rio Declaration condemned 'in the strongest terms the terrorist attack in Jammu and Kashmir.' It renewed the call for the finalisation and adoption of the Comprehensive Convention on International Terrorism, which remains elusive. The third section relating to deepening international economic trade and financial cooperation welcomed the results of the 'Strategy for Brics Economic Policy 2025'. It encouraged the ongoing expansion of the New Development Bank's (NDB) membership and the strengthening of its governance framework. Para 50 makes it clear that the work on the 'Brics Cross-Border Payments Initiatives' will continue. The plan is to realise the potential for 'greater interoperability of Brics payment systems'. STORY CONTINUES BELOW THIS AD The last two sections, which pertain to combating climate change and promoting sustainable, fair, and inclusive development, as well as partnership for the promotion of human, social, and cultural development, contain a wealth of ideas for ongoing and new projects based on cooperation within the expanded Brics family and beyond. Focus on the Founders The thoughts of the Bricsleadership were also reflected in the statements of their key leaders. President Luiz Inácio Lula da Silva's opening remarks at the first session, devoted to peace, security, and reform of global governance, drew international attention. He called Brics 'an heir of the Non-Aligned Movement'. Pointing out that in 2025 Brazil hosted the fourth Brics summit, he added, 'Of all of them, this one is taking place amid the most adverse scenario,' marked by 'an unprecedented collapse of multilateralism.' He made a strong plea for investment in reform and peace. Regretting that it was always easier to invest in war than in peace, he noted, 'It is easier to designate 5 per cent of the GDP to military spending than to allocate the 0.7 per cent that has been provided for Official Development Assistance.' He believed that the world still has the opportunity to lay the groundwork for 'a reinvigorated governance model'. STORY CONTINUES BELOW THIS AD Remarks at the same session by Prime Minister Narendra Modi were brief but crisp. From West Asia to Europe, he said, the world is surrounded by disputes and tensions. 'The path to peace is the only option for the good of humanity,' he stated. On reform, he said that global institutions without adequate representation for the Global South are 'like a mobile phone with a SIM card but no network'. He devoted utmost attention to the scourge of international terrorism, asserting, 'Condemning terrorism must be a matter of principle and not just of convenience.' The media made an unnecessary play of the absence of President Xi Jinping. Premier Li Qiang represented China well. He expressed his nation's readiness to work with fellow Brics members to make global governance 'more just, equitable, efficient, and well-ordered'. Delivering an online address, President Vladimir Putin argued that it was important for Brics to continue expanding the use of national currencies in mutual payments as well as to create 'an independent payment and monetary system within Brics'. STORY CONTINUES BELOW THIS AD Critical Assessment Evaluation of the summit needs to address several facets of the present and future of Brics. First, the expanded grouping (with 11 members, 10 partners, and other attendees) has indeed become more influential than before. It reflects the collegiate leadership of the Global South, although not all nations may accept China and Russia as integral parts of the Global South. Second, while the Brics does have a wise agenda, backed by considerable unity, it is not in a strong position to garner the world's support for it. The fissures within the G7, the tensions between the US and Europe, and the unilateralism of Washington combine to leave little room for Brics to develop an international consensus on the issues agreed at Rio. Finally, even if a reasonable consensus were to emerge on the issues of peace and security, reform of global institutions, economic cooperation, and climate change, the real challenge would be to mobilize the political will of the G7 economies and others to translate their commitments into action. That is a tall order! STORY CONTINUES BELOW THIS AD Therefore, it is suggested that Brazil, as the current chair, and India, as the next chair of Brics, should collaborate to devise a way to bring the US and EU closer to the Rio formulations. Should there be some success in this endeavour, these two nations could then work together with South Africa, the current president of the G20. The Rio Declaration has emphasised the G20's key role as the premier global forum for international economic cooperation. This larger forum has the best chance of devising a consensus on the vital issues of our time. However, first, there is the daunting challenge of persuading the US President and his advisers, who continue to view Brics in rather negative terms. Clearly, more coffee and hard work may be required. Rajiv Bhatia is a Distinguished Fellow at Gateway House, a former Indian Ambassador with extensive diplomatic experience in regional and global groupings, and the author of three books on Indian foreign expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views. STORY CONTINUES BELOW THIS AD
Indian Express
7 days ago
- Business
- Indian Express
BRICS signals strong Global South, less dependence on West
Written by Soumya Bhowmick Gathered in Rio de Janeiro on July 6-7, leaders of Brazil, Russia, India, China, and South Africa issued a declaration that signals perhaps the most ambitious turn yet in BRICS's evolving journey. At the heart of the BRICS Rio Declaration 2025 lies the conviction that existing international institutions — from the UN Security Council to the IMF and World Bank — no longer reflect the geopolitical and economic weight of emerging economies. BRICS leaders seek reforms that grant the developing world a greater voice, aiming not to dismantle the global order, but to modernise it for a multipolar reality. Even before its latest expansion, the bloc collectively represented over 40 per cent of the world's population and a significant chunk of global GDP. With the addition of new members such as Iran, Egypt, Ethiopia, and the UAE, BRICS is evolving into an even more formidable economic coalition. The inclusion of oil giants and mineral-rich nations enhances its leverage over energy markets and critical supply chains — a clear signal that the Global South aims to shape, rather than react to, global economic forces. The Rio Declaration also placed a strong emphasis on inclusive growth, sustainable development, and digital cooperation. BRICS leaders championed climate action that doesn't stifle development, stressed the importance of women's digital inclusion, and set new targets for knowledge sharing in AI, critical minerals, and green technology. Looking ahead to COP30 in November, also hosted by Brazil, the BRICS nations endorsed the Tropical Forest Forever Fund (TFFF) as a promising tool to secure sustained funding for protecting tropical forests. 'With the collective scale of the BRICS, we will combat the climate crisis while making our economies stronger and fairer,' the declaration affirms. Reducing dependence on the West is a central thread in the BRICS 2025 vision. The bloc is pushing initiatives such as trading in local currencies, integrating payment systems outside dollar-dominated networks, and strengthening the New Development Bank (NDB) to serve as an alternative source of funding. Proposals for a BRICS cross-border payments system and the expansion of the Contingent Reserve Arrangement also reflect a desire for financial resilience, offering a cushion against Western sanctions and economic volatility. Amid this surge of BRICS ambition, India has emerged as both a strong advocate for the Global South and a cautious voice determined to keep BRICS from becoming overtly confrontational toward the West. On the one hand, BRICS offers New Delhi a powerful platform to amplify its demands for UN reform, greater representation in global governance, and development finance tailored to emerging economies. The group's solidarity on counterterrorism (it condemned the Pahalgam terror attack), infrastructure finance, and digital cooperation aligns closely with India's national interests. On the other hand, India's deepening ties with the West — particularly the United States, Europe, and Japan — shape its strategic calculus. New Delhi has grown increasingly intertwined with Western partners, sharing technology, engaging in defence cooperation, and conducting goods trade worth approximately $130 billion with the US alone in 2024. In areas such as semiconductor manufacturing, renewable energy, and digital infrastructure, India views the West as a vital partner in bolstering its economic growth and strategic autonomy. Additionally, India's complex relationship with China remains a significant undercurrent within BRICS, marked by lingering mistrust despite recent diplomatic overtures following their 2020 border clashes. While bilateral trade has surged, India's substantial trade deficit highlights economic asymmetry and dependence on Chinese goods, prompting New Delhi to tighten scrutiny in sensitive sectors, such as technology. Strategic tensions extend beyond commerce, with China's ties to Pakistan, territorial disputes over Arunachal Pradesh, and Beijing's regional infrastructure projects fuelling India's wariness of China's influence both bilaterally and within BRICS. Meanwhile, Chinese President Xi Jinping's absence from the Rio summit, along with the diverse geopolitical stakes of new members such as Iran and Saudi Arabia, highlights the internal complexities and delicate balance that BRICS must navigate to maintain cohesion. The Rio summit concluded with a strong sense of purpose, as BRICS leaders unveiled initiatives such as expanded financing tools and digital cooperation frameworks aimed at giving the Global South greater agency over its future. Yet significant challenges remain in turning these plans into reality, as ambitions such as trading in local currencies, building alternative financial networks, and undertaking new infrastructure projects require not only political consensus but also technical capacity and confidence among members. Finally, as India prepares to chair BRICS in 2026, its diplomatic skills will be crucial in steering the bloc toward tangible outcomes rather than ideological posturing, aiming to transform BRICS into a practical engine for development, with a focus on projects spanning African infrastructure to digital public goods. For India, the challenge lies in harmonising its multipolar aspirations with its deep ties to the West, ensuring that BRICS serves as a bridge to a fairer world rather than a divider in global geopolitics. The writer is a Fellow and Lead, World Economies and Sustainability at the Centre for New Economic Diplomacy (CNED) at Observer Research Foundation (ORF)
