The Brazilian government confirmed Rio de Janeiro will host the annual BRICS summit on July 6-7, marking its first leadership role in the bloc since 2019. As chair through 2025, Brazil aims to prioritize Global South cooperation and reforms to global governance systems dominated by Western powers, according to an official statement released Saturday.
Founded in 2009 by Brazil, Russia, India, and China, BRICS expanded to include South Africa in 2010 as a counterweight to the G7. Recent strategic expansions have reshaped the alliance:
- 2023 additions: Iran, Egypt, Ethiopia, UAE
- 2024 entries: Indonesia (full member), Nigeria (partner country)
- Pending requests: Turkey, Azerbaijan, Malaysia
The new partner country status unveiled at Kazan’s 2024 summit allows non-member states like Nigeria to participate in key meetings with member consensus.
This summit will define transformative policies impacting billions, emphasized Brazilian Foreign Minister Mauro Vieira.
Geopolitical tensions underline the event as the bloc advances its de-dollarization agenda. Former U.S. President Donald Trump recently threatened 100% tariffs on BRICS nations attempting to weaken dollar dominance. Analysts note the summit’s timing coincides with:
- Growing adoption of BRICS’ Contingent Reserve Arrangement
- Saudi Arabia’s pending membership decision
- Accelerated trade settlements in local currencies
With Indonesia’s inclusion and Nigeria’s partnership, BRICS now influences 45% of global oil reserves and 37% of world GDP (PPP). The Rio meeting is expected to address expansion criteria, digital payment infrastructure, and climate financing frameworks for developing economies.