India takes over the BRICS presidency next year.
India takes over the BRICS presidency next year.
Reportedly, a new chapter for the BRICS is unfolding in Rio de Janeiro, where PM Modi on Sunday called the grouping “a powerful force for economic cooperation and global good.”
His remarks came as top leaders from the expanded bloc gathered in Brazil for a crucial summit, even as notable absences — Chinese President Xi Jinping and Russian President Vladimir Putin — cast a subdued shadow over the proceedings.
The BRICS has evolved into an influential coalition, uniting 11 major emerging economies that account for nearly half of the world’s population, around 40 per cent of global GDP, and about 26 per cent of global trade.
Originally formed by Brazil, Russia, India, China, and South Africa, the bloc expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining the fold this year.
Modi touched down in Rio last night, arriving from Argentina on the fourth leg of his five-nation tour that has already taken him to Ghana and Trinidad and Tobago.
This year’s summit is expected to tackle a range of pressing global issues, including the conflict in West Asia, the Russia-Ukraine war, and challenges confronting the Global South.
After his welcome at the avenue by the President Luiz Inacio Lula da Silva Lula
PM Modi expressed his gratitude for hosting this year’s BRICS Summit in Rio de Janeiro. BRICS remains a powerful force for economic cooperation and global good. This was revealed by PM Modi in a social media post.
Brazil has framed its presidency of the bloc under the motto “Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.”
The summit will culminate in two high-level declarations focusing on financing the climate change regime and the governance of artificial intelligence. Additionally, discussions may touch on enhancing the use of national currencies in settling intra-BRICS trade — a topic gaining traction amid shifting global financial dynamics.
Meanwhile, India is set to take over the BRICS presidency next year.
News Edit KV Raman
