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8th July 2025 (9 Topics)

Brazil BRICS Summit

Context:

Brazil is hosting the 17th BRICS Summit in 2025, marking the first major summit of the newly expanded 11-member BRICS bloc, with a focus on Global South cooperation and inclusive governance reform.

 

About BRICS

  • Type of Grouping:
    • BRICS is an intergovernmental informal grouping of emerging economies aimed at fostering cooperation in political, economic, and developmental spheres.
  • Founding Members:
    • OriginallyBRIC: Brazil, Russia, India, China
    • South Africa joined in 2010, making it BRICS.
  • Recent Expansion (2024):
    • New Members: Iran, UAE, Egypt, Ethiopia
    • Saudi Arabia: Invited but yet to formalize its membership.
    • Argentina: Was expected to join but withdrew decision to join in 2024.
    • Total Members as of 2025: 10 confirmed; pending confirmation for Saudi Arabia.
  • First Summit: Held in Yekaterinburg, Russia (2009).

Significance of BRICS

  • Demographic and Economic Weight:
    • Represents approximately 46% of the world’s population.
    • Accounts for 35% of global GDP (prior to inclusion of Indonesia).
  • Geopolitical Counterbalance:
    • Seen as a counterweight to the G7 and other Western-led groupings.
    • Challenges Western dominance in global economic and financial institutions.
  • Promoter of Multipolarity:
    • Advocates for a multipolar world order rooted in sovereign equality, non-interference, and developmental equity.

Present Priorities and Long-Term Vision

  • De-Dollarisation and Financial Sovereignty:
    • Proposes reducing dependency on the US Dollar in international transactions.
    • Aims to strengthen local currencies, establish BRICS Pay, and promote bilateral and multilateral non-dollar settlements.
  • Global Institutional Reforms:
    • Seeks reforms in Bretton Woods Institutions like the IMF and World Bank.
    • Demands restructuring of the UN Security Council to reflect current geopolitical realities.
  • Inclusivity and Development:
    • Emphasis on inclusive development, particularly in the Global South.
    • Promotes sustainable development, technological cooperation, and healthcare resilience.
  • Strategic Autonomy:
    • Advocates for strategic autonomy of member states in global decision-making forums.
    • Encourages South-South cooperation and joint economic initiatives.

17th BRICS Summit:

  • The official theme is: “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance”.
  • Brazil’s presidency has identified six core areas of cooperation:
    • Global health cooperation
    • Trade, investment, and finance
    • Climate change
    • Artificial Intelligence (AI) governance
    • Peace and security architecture
    • Institutional development

Significance for India:

  • As a founding BRICS member, India plays a key role in influencing agenda-setting, especially in areas like AI governance, multilateralism, and sustainable development.
  • India’s strategic participation aligns with its broader Act East, Energy Security, and South-South Cooperation strategies.

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