Context

• Prime Minister recently participated today in the 17th BRICS Summit being held in Rio de Janeiro, Brazil on 6-7 July 2025

Rio de Janeiro Declaration

• It emphasised on strengthening Global South Cooperation for a more inclusive and sustainable governance.
• It affirmed BRICS spirit of mutual respect and understanding, sovereign equality, solidarity, democracy, openness, inclusiveness, collaboration and consensus.
• They also affirmed on Framework Declaration on Climate Finance and of the BRICS Leaders’ Statement on the Global Governance of Artificial Intelligence.
• BRICS members also endorsed the launch of BRICS Partnership for the Elimination of Socially Determined Diseases.
• BRICS members also affirmed on Strengthening Multilateralism and Reforming Global Governance
• Promoting Peace, Security and International Stability: They reiterate our commitment to the full implementation and advancement of the Women, Peace and Security (WPS) agenda, especially in light of the 25th anniversary of United Nations Security Council Resolution 1325 (2000).
• They also condemned the US strikes on Iran, calling it a violation of International Law.
• BRICS members showed grave concern for situation in Territory of Palestine and called for resolution based International Law.

About BRICS

• Definition: BRICS is an intergovernmental informal grouping of emerging economies aimed at fostering cooperation and enhancing their global influence.
• Members: Brazil, Russia, India, China (these are founding members); South Africa joined in 2010; Iran, UAE, Egypt, Ethiopia, Saudi Arabia joined in 2024
• Background: The first BRIC Summit was held in Russia in 2009.

Significance of BRICS

1. Economic Influence: Represents a large share of the global economy:
2. Accounts for approximately 35% of global GDP.
3. Comprises 46% of the world’s population, providing a vast market and workforce.
4. Encourages trade and investment among emerging economies.
5. Counterbalance to Western Dominance: Provides a platform for emerging economies to challenge the G7 and other Western-led financial systems.
6. Promotes a multipolar global order, reducing reliance on dominant powers like the US and Europe.
   • Focus on Local Currencies and Non-Dollar Transactions: Aims to reduce dependence on the US dollar in international trade and finance.
   • Strengthens local currencies, reshaping global trade practices and reducing vulnerabilities to dollar-based systems.
7. Advocacy for Global Institutional Reforms: Pushes for greater equity and inclusivity in global institutions like the IMF and UN.

Importance of BRICS for INDIA

• BRICS focused primarily on economic cooperation, development, and global governance reform. 
• Economic Cooperation: BRICS facilitates economic collaboration through initiatives such as the New Development Bank (NDB), aimed at funding infrastructure projects in member countries.
• Economic collaboration within BRICS facilitates trade diversification, technology transfer, and infrastructure development, which are crucial for India’s economic growth and development aspirations.
• Global Governance Reform: India uses BRICS as a platform to advocate for reforms in international financial institutions like the IMF and World Bank, aiming to increase the voice and representation of emerging economies in global economic governance.
• Cultural and Academic Exchange: BRICS fosters cultural and academic exchanges, promoting people-to-people ties and enhancing mutual understanding among member countries.

Conclusion

The Declaration and the summit reflected the spirit of Global South reflecting on wider conflicts and there peaceful resolution.