Global eyes are on the 17th BRICS Summit in Rio de Janeiro as the world navigates stormy waters in global trade and security. With the international multilateral system showing signs of strain and uncertainties about tariffs looming after the Trump administration's 90-day pause ends on July 9, the summit is buzzing with anticipation.
BRICS, seen as the champion of the Global South, is gearing up to break down trade barriers and strengthen supply chain resilience. Its goals include boosting economic integration and promoting intra-BRICS trade—a move that could reset the rules of the international order. The expanded group of 11 full members represents nearly 48.5% of the global population, 39% of world GDP (in purchasing power parity), and 24% of international trade, giving it significant clout on the world stage.
Many nations in the Global South have grown frustrated with an international system that often sidelines their interests. The challenges highlighted by the COVID-19 pandemic—such as vaccine inequity—and conflicts in regions including Ukraine and Gaza have fueled demands for a fairer system. BRICS advocates for a multilateral order that upholds state sovereignty, rejects protectionism, and even suggests trading in national currencies—providing a fresh approach amid shifting global policies.
For many, joining BRICS is a strategic step toward deeper cooperation with other developing nations, accelerating infrastructure development and energy transitions. Even with threats like heavy tariffs from the Trump administration, the hope is that BRICS can pave the way for a more just and balanced global framework.
This summit is more than just a meeting; it’s a call to reimagine how trade and international relations can work for everyone, especially for the emerging economies and young professionals shaping our future. Stay tuned for what could be a turning point in global governance! 😃
Reference(s):
cgtn.com
