The next BRICS summit will be held in Rio de Janeiro on July 6-7, featuring leaders from 20 member and associate countries. Brazilian Foreign Minister Mauro Vieira stated that the summit will focus on economic development, cooperation, and improving living conditions. Under Brazil’s leadership, BRICS aims to strengthen ties with developing nations and reform global institutions.
Brazilian President Lula da Silva emphasized promoting trade and investment among members using local currency transactions, though there are no plans to replace the US dollar. This comes amid threats from Donald Trump to impose 100% tariffs on BRICS countries if they undermine the dollar.
Originally formed in 2009 by Brazil, Russia, India, and China, BRICS expanded in 2010 with South Africa and later added Iran, Egypt, Ethiopia, and the UAE in 2023. Saudi Arabia has been invited, and Turkey, Azerbaijan, and Malaysia have applied for membership. Recently, Indonesia joined as a full member, and Nigeria became a partner country.
