SAO PAULO (AP) – The Brazilian government has officially announced that the upcoming BRICS summit will be held in Rio de Janeiro on July 6-7, 2024. This event marks a significant moment as Brazil will take on the presidency of the bloc of developing economies and will hold this position until 2025. One of the key focuses of Brazil during its chairmanship will be to promote global governance reform and enhance cooperation among Global South nations.
BRICS, which stands for Brazil, Russia, India, China, and South Africa, was established in 2009 with the intent of serving as a counterbalance to the Group of Seven (G7), comprised of the world’s leading industrialized nations. South Africa joined the group in 2010, solidifying its presence as a significant player in international economic discussions.
Last year, BRICS expanded its membership by incorporating four additional countries: Iran, Egypt, Ethiopia, and the United Arab Emirates. Furthermore, Saudi Arabia has received an invitation to join, while Turkey, Azerbaijan, and Malaysia have formally applied for BRICS membership. There is also a growing interest from several other countries looking to join the alliance.
Recently, the bloc announced the membership of Indonesia, bringing the total number of members to 11. Additionally, Nigeria has been classified as a "partner country," a new designation that was introduced during the 2024 summit in Kazan. Brazil has stated that partner countries will be invited to participate in the upcoming summit and may also attend other meetings as long as there is a consensus among the existing members.
Mauro Vieira, Brazil's foreign minister, emphasized the importance of the summit by stating, "We will make crucial decisions for development, cooperation, and improving the lives of all the inhabitants of these countries." This reflects a commitment not only to the economic growth of the member nations but also to the well-being of their populations.
In a broader geopolitical context, President Donald Trump has previously threatened to impose 100% tariffs on BRICS nations if they take actions perceived as jeopardizing the U.S. dollar's dominance. In response, the BRICS leaders have expressed a strong commitment to developing an alternative payment system that would operate independently of the U.S. dollar. This reflects their ambitions to shift the balance of global financial power and to create a more equitable economic environment for developing nations.
As preparations for the Rio de Janeiro summit continue, the anticipation surrounds not just the discussions that will unfold, but also the potential agreements and commitments that could shape the future of international cooperation among developing nations. With Brazil at the helm, the bloc aims to strengthen its stance in the global arena and assert the interests of the Global South.
