Brazil will host the BRICS Summit 2024 in Rio de Janeiro from July 6-7, marking a crucial moment for emerging economies shaping global economic policies. As current chair of the bloc through 2025, Brazil has pledged to prioritize reforms in international governance and strengthen Global South cooperation among member states and partner nations.
The expanded 11-member alliance – now including Iran, Egypt, Ethiopia, UAE, and Indonesia – faces urgent challenges as U.S. President Donald Trump threatens 100% tariffs on BRICS nations. Foreign Minister Mauro Vieira emphasized the summit's significance:
'We will make crucial decisions for development, cooperation, and improving the lives of all inhabitants of these countries.'
Key summit developments include:
- Saudi Arabia's pending membership approval
- Indonesia's formal accession as full member
- New 'partner country' status for Nigeria
Recent expansions have positioned BRICS as a counterbalance to G7 nations, with Turkey, Azerbaijan, and Malaysia formally applying for membership. The bloc's push for an alternative payment system independent of the U.S. dollar gains urgency amid Trump's tariff warnings, potentially reshaping global trade dynamics.
Brazilian officials confirm partner countries will participate in summit negotiations, pending consensus, while focusing on sustainable development initiatives. With BRICS nations representing over 40% of the world's population, the Rio summit could accelerate economic decoupling from Western financial systems.