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Key Developments and Discussions at BRICS Summit

Published 5 days ago3 minute read
Key Developments and Discussions at BRICS Summit

The 17th BRICS Summit, held in July 2025, brought together leading states from Eurasia, Africa, the Middle East, and Latin America, highlighting the association's significantly expanded influence and its immense political, economic, scientific, technological, and human potential. The summit focused on crucial topics including peace and security, reform of global governance, and future cooperation across political, economic, trade, cultural, and humanitarian sectors, alongside key international issues.

During the summit, Russian President Vladimir Putin strongly advocated for an enhanced use of national currencies in trade among BRICS countries. He proposed the establishment of an "independent settlement system" on the BRICS platform, aiming to make currency transactions faster, more efficient, and safer. Putin noted the steady increase in the share of national currencies in trade among BRICS members, citing that by 2024, the ruble and currencies of friendly nations accounted for 90 percent of Russia's settlements with other BRICS countries. Furthermore, he emphasized the importance of boosting reciprocal capital investments among member nations, suggesting the formation of a new BRICS investment platform to develop agreed instruments for attracting funds from the economies of BRICS countries and the broader Global South and East.

Indian Prime Minister Narendra Modi, speaking at the Outreach Session, called for BRICS to serve as a catalyst for global cooperation and a multipolar world. He underscored that the strength of the bloc lies in its diversity and shared commitment to multipolarity, urging BRICS to lead by example and meet the expectations of the Global South. Modi stressed the necessity of improving internal systems to bolster credibility, especially when advocating for reformed multilateralism, and emphasized a focus on demand-driven decision-making, long-term financial sustainability, and maintaining healthy credit ratings for projects sanctioned through the BRICS New Development Bank (NDB). To fulfill the expectations of the Global South, Prime Minister Modi highlighted the importance of sharing innovations in agriculture and science, citing India's BRICS Agricultural Research Platform as a model and proposing a new BRICS Science and Research Repository. He also urged cooperation on critical minerals and technologies within global supply chains, cautioning against their weaponization, and pitched for collective action on Artificial Intelligence (AI) governance rooted in human values, announcing that India would host an AI Impact Summit in 2026.

On the sidelines of the summit, Prime Minister Modi also met with Cuban President Miguel Diaz-Canel Bermudez to discuss strengthening bilateral ties. Their discussions covered key sectors such as pharmaceuticals, biotechnology, traditional medicine, and digital public infrastructure, including India's Unified Payment Interface (UPI). Both leaders exchanged views on enhancing cooperation in Ayurveda, disaster management, and capacity building, agreeing to collaborate on issues of concern to the Global South, such as health, pandemics, and climate change, while appreciating their cooperation in multilateral forums.

The growing assertiveness of the BRICS bloc also drew a strong reaction from former US President Donald Trump, who issued a warning of an "additional 10% tariff" on any country aligning with the group's "anti-American policies," explicitly stating there would be "no exceptions." This declaration followed India's signing of the Rio Declaration, which condemned unilateral tariff and non-tariff measures that distort trade and violate WTO norms. The BRICS nations collectively voiced deep concern over such actions, asserting that imposing unilateral coercive measures violates international law and has wide-ranging harmful effects. Trump had previously threatened a 100% tariff on trade if BRICS nations moved forward with plans to replace the US dollar. Amidst these geopolitical tensions, India and the US were simultaneously engaged in talks for a bilateral trade agreement (BTA), aiming to conclude the first phase by autumn, with India setting firm boundaries on sensitive areas like agriculture and dairy.

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