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.
Recommended Articles
Promising Artificial Intelligence Stocks To Consider - July 12th

ServiceNow, Salesforce, and Accenture are the three Artificial Intelligence stocks to watch today, according to MarketB...
Meta Secures Apple AI Superstar with $200 Million Offer

Meta has made a significant move in the AI talent war by hiring Ruoming Pang, Apple's former head of foundational AI mod...
Grok AI Integration Planned for Tesla Vehicles

Elon Musk has revealed that Grok AI will be integrated into Tesla vehicles by next week, a move following the launch of ...
EU AI Framework Sparks Investor Worry for US Tech Giants

The European Union is advancing its new AI Act, releasing a code of practice to guide businesses on compliance for gener...
NVIDIA Reaches $4 Trillion Market Cap Milestone

NVIDIA has made history by becoming the first publicly traded company to reach a $4 trillion market value, driven by soa...
Capgemini Acquires WNS for $3.3 Billion
Global developments include Capgemini's significant acquisition of WNS to enhance AI capabilities, while Elon Musk ventu...
You may also like...
Diddy's Legal Troubles & Racketeering Trial

Music mogul Sean 'Diddy' Combs was acquitted of sex trafficking and racketeering charges but convicted on transportation...
Thomas Partey Faces Rape & Sexual Assault Charges

Former Arsenal midfielder Thomas Partey has been formally charged with multiple counts of rape and sexual assault by UK ...
Nigeria Universities Changes Admission Policies

JAMB has clarified its admission policies, rectifying a student's status, reiterating the necessity of its Central Admis...
Ghana's Economic Reforms & Gold Sector Initiatives

Ghana is undertaking a comprehensive economic overhaul with President John Dramani Mahama's 24-Hour Economy and Accelera...
WAFCON 2024 African Women's Football Tournament

The 2024 Women's Africa Cup of Nations opened with thrilling matches, seeing Nigeria's Super Falcons secure a dominant 3...
Emergence & Dynamics of Nigeria's ADC Coalition

A new opposition coalition, led by the African Democratic Congress (ADC), is emerging to challenge President Bola Ahmed ...
Demise of Olubadan of Ibadanland

Oba Owolabi Olakulehin, the 43rd Olubadan of Ibadanland, has died at 90, concluding a life of distinguished service in t...
Death of Nigerian Goalkeeping Legend Peter Rufai

Nigerian football mourns the death of legendary Super Eagles goalkeeper Peter Rufai, who passed away at 61. Known as 'Do...