BRICS is the acronym for an emerging-market cooperative mechanism that initially comprised Brazil, Russia, India, China and South Africa. With more countries joining BRICS, the group’s representativeness and influence have steadily grown, forging a stabilizing force in a changing and turbulent world.
This was the very first leaders’ meeting following the group’s latest rounds of expansion, adding the new member Indonesia in January and new partner countries in January and June.
Themed Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance, the summit adopted a joint declaration covering 126 commitments across global governance, finance, climate, health and technology. It outlined new efforts to combat hunger, advance climate action and expand access to emerging technologies.
“The summit convened amid a complex global landscape, with the United States applying considerable pressure on the group,” Xu Feibiao, Director of the China Institutes of Contemporary International Relations’ Center for BRICS and G20 (Group of 20) Studies, told Beijing Review. Against this backdrop, the successful gathering, which expanded participation to more developing countries, carries substantial weight, bridging past accomplishments with future progress.
When addressing the plenary session of Peace and Security and Reform of Global Governance of the summit on July 6, Chinese Premier Li Qiang said the current international economic and trade order, along with the multilateral trading system, is facing severe challenges, and the global economic recovery remains arduous.
Greater BRICS cooperation should uphold and practice multilateralism, promote the establishment of a fair and open international economic and trade order, pool the strength of the Global South, and make greater contributions to global stability and development, he added.
On-the-ground impact
The summit adopted a more simplified, efficient and practical approach, focusing on six priority areas, including climate change, AI governance and global public health governance, to deliver tangible results, Xu said, adding that it reaffirmed the BRICS spirit, principles and objectives, solidifying the foundation for future cooperation and ensuring cohesion in a larger framework.
The charm of BRICS primarily stems from the results achieved over its 19 years of cooperation. On the one hand, the BRICS mechanism has brought benefits to each member, helping them enhance their international and regional influence while creating substantial opportunities for their development, Wang Lei, Director of the Center for BRICS Cooperation Studies at Beijing Normal University, told newspaper People’s Daily.
On the other hand, he added, BRICS upholds multilateralism, ensuring that all member states, big and small, participate equally in decision-making and reach consensus through consultation.
Today’s BRICS family represents over half of the world’s population and contributes 40 percent of its economic output—measured at purchasing power parity, an analysis metric comparing currencies based on the cost of goods in different countries, according to Reuters. Data from the International Monetary Fund showed the collective GDP growth rate of BRICS countries reached 4 percent in 2024, higher than the global average of 3.3 percent.
BRICS emphasizes the need to fully represent the interests of emerging markets and developing nations and to promote reforms in the current international system—both of which are also crucial for all Global South countries, Wang said.
The group, now expanded and re-energized, finds itself at a pivotal historical juncture. No longer simply an acronym for five emerging economies, BRICS Plus (a cooperation model that aims to forge the most influential platform of South-South cooperation and build a broader mutually beneficial partnership with more emerging markets and developing countries—Ed.), is increasingly aspiring to become the principal platform through which the Global South asserts its voice, defines its interests and proposes alternative paradigms of global governance, Marcus Vinícius de Freitas, a visiting professor at China Foreign Affairs University and a senior fellow at the Policy Center for the New South, wrote on newspaper China Daily’s official website.
Evandro Menezes de Carvalho, a professor of international law at Fluminense Federal University in Brazil, said the BRICS-led New Development Bank (NDB) has emerged as a pioneering initiative for countries seeking sustainable and inclusive growth.
The BRICS members have successfully explored a country-specific model within the NDB, which focuses on the unique circumstances of each nation. This ensures that the bank’s projects align with their needs, offering maximum support, including financing for infrastructure such as roads, bridges, ports and communication facilities, Wang explained.
Colombia and Uzbekistan have joined the NDB, bringing the total membership to 11, Dilma Rousseff, the institution’s President, announced on July 5.
For better governance
“In the face of the resurgence of protectionism, it is up to emerging nations to defend the multilateral trading regime and reform the international financial architecture,” Brazilian President Luiz Inácio Lula da Silva said in his address to the BRICS Business Forum on July 5.
U.S. President Donald Trump has threatened an additional 10-percent tariff on countries that orient themselves along the “anti-American policies of BRICS.”
Trump’s announcement, which included no policy specifics, coincided with the summit. He had previously warned of imposing 100-percent tariffs on BRICS nations if they act to weaken the U.S. dollar’s dominance.
In its joint declaration, BRICS member countries advocated for peace in response to global conflicts and wars. They also voiced serious concerns about the rise of unilateral tariffs and non-tariff measures which distort trade and are inconsistent with World Trade Organization rules, without directly mentioning the U.S. “The proliferation of trade-restrictive actions threatens to further reduce global trade, disrupt global supply chains, and introduce uncertainty into international economic and trade activities,” the declaration read.
The summit maintained a low-key and moderate stance on sensitive issues, emphasizing BRICS as a development-focused platform rather than a confrontational partnership targeting any third party, in stark contrast to some antagonistic Western-dominated cliques, Xu said.
“BRICS is increasingly shaping global debates on development, multipolar governance and security matters,” South African President Cyril Ramaphosa said during the summit, adding “with our broad geographical footprint and growing influence, BRICS is uniquely positioned to advocate for reform in global governance structures.”
“The demand for new global governance is not a whim, but a process of historical reparation. The BRICS offers a platform for inclusive cooperation, removed from hegemony and closer to the principles of multipolarity,” Jhonathan Mattos, an associate professor with the Department of International Relations at Rio de Janeiro State University, told Xinhua.
In a statement, Malaysian Prime Minister Anwar Ibrahim said BRICS, which has emerged as a strong and principled force, represents an opportunity to shape a more balanced and just international order, adding that legacy international organizations need to be reformed to reflect the changing global realities and take into account the aspirations of developing nations.
The BRICS stands for “a model of multilateralism, multipolarity, regional integration and the identity of shared demands,” Mattos added. –The Daily Mail-Beijing Review news exchange item
