BRICS Summit 2025 in Brazil, Explained

Forget De-Dollarisation: BRICS Is Building a New Economic Map

A Different Kind of Global Gathering

This weekend, Rio de Janeiro plays host not to revelers or sports fans—but to policymakers and diplomats. The 17th BRICS Summit, held at the city’s Museum of Modern Art, marks a crucial moment for one of the most ambitious coalitions in global politics. Once a five-nation economic acronym, BRICS has transformed into a sprawling political and economic bloc, now encompassing ten full members and ten partner nations.

This year’s theme, “Strengthening Global South Cooperation for Inclusive and Sustainable Governance,” reflects a shift in tone. The summit is no longer a symbolic gesture. It’s an arena where real power dynamics are beginning to take shape.

Formed originally by Brazil, Russia, India, China, and South Africa, BRICS underwent a major expansion in 2024—welcoming Egypt, Ethiopia, Iran, and the UAE. In 2025, Indonesia officially joined, and Vietnam became the most recent member in June.

Together, the bloc now represents 44% of global GDP and 56% of the world’s population. With guests like Mexico, Colombia, and Uzbekistan present, the gravitational pull of BRICS has never been stronger.

But with expansion comes complexity. More members means more interests to align—and more voices at the table competing for influence.

The Currency Myth & the Real Economic Agenda

Despite frequent speculation, BRICS is not currently pursuing a common currency. The reality is more nuanced: the group is seeking to settle trade in national currencies, a bid to reduce dependency on the U.S. dollar and Euro without triggering full-scale de-dollarisation.

This is part of a broader economic agenda driven by Brazil’s presidency, which aims to scale up the New Development Bank (NDB)—a Shanghai-based institution akin to the World Bank. Brazil hopes the NDB can finance infrastructure and climate-related projects using local currencies, offering an alternative to U.S.-dominated financial institutions like the IMF and World Bank.

A Shift Toward Pragmatism

Brazil is using its summit leadership to steer BRICS away from geopolitical confrontation and toward economic development and climate action. As host of COP30 later this year in Belém, Brazil, is prioritizing climate cooperation and biodiversity.

Also on the table: a Forest Conservation Fund, new mechanisms for investment guarantees, and greater coordination on digital technology and health systems.

The focus is not to oppose the West, but to build cohesion among emerging nations and offer a credible alternative—a “Plan B”—for countries tired of navigating a U.S.-centric global order.

Global Governance and the AI Question

The summit will also tackle reform of global institutions, including the UN, the IMF, and the World Bank. BRICS leaders are pushing for governance models that give the Global South more equitable representation.

Artificial intelligence will also be part of the conversation. A joint Statement on AI and Global Governance is one of four expected outcome documents, alongside a Leaders’ Declaration, a climate finance framework, and a health partnership agenda targeting socially determined diseases.

The presence of heavyweights like Lula da Silva, Narendra Modi, and Cyril Ramaphosa highlights the bloc’s gravitas, though the absence of Xi Jinping (and the virtual participation of Vladimir Putin) speaks to the group’s evolving power dynamics.

A Counterbalance, Not a Replacement

In an era marked by global unpredictability—particularly from the United States under Donald Trump’s renewed political influence—many countries are recalibrating. BRICS, with its rapidly growing roster and economic clout, is no longer just symbolic. It’s becoming the Global South’s response to Western volatility.

The bloc isn’t perfect. It’s occasionally fractured and still finding its footing. But its purpose is not to replace the West—it’s to offer alternatives. For countries long excluded from decision-making tables, that’s a powerful proposition.

Brazil’s Moment—and What Comes Next

This year is Brazil’s opportunity to prove that BRICS can be more than a platform for speeches. The real test lies in whether Brazil can translate dialogue into results. As leaders break into side meetings and bilateral deals, the most important shifts may happen off-camera, where partnerships are forged and policy directions change.

The world may not notice the details today. But for much of the Global South, BRICS 2025 in Rio could mark the moment when something truly new began to take shape.

As the summit progresses, I will continue to cover the latest developments—including major declarations, climate deals, and governance reforms—in upcoming videos on World Affairs in Context on YouTube and here.