BRICS summit in Rio will focus on solutions for Global South

Time of India

2 days ago

Ahead of the 17th
BRICS
summit in
Rio
de Janeiro, eminent diplomats and experts voiced optimism about a bigger role for BRICS in shaping an inclusive world order, and batted for streamlining the interests and aspirations of the Global South in BRIC+ agenda. Looking ahead, India, which will take over the BRICS gavel from Brazil, stressed on prioritising 'scalable, cooperative projects in areas of financial inclusion, bridging digital divide and clean energy.
'BRICS has to get its act together and find solutions for the Global South. This requires commitment, a lot of hard work, and to be able to look deep into those issues, into the future,' said Dammu Ravi, India's BRICS sherpa and Secretary (Economic Relations) in India's Ministry of External Affairs.
Ravi underlined India's growing stakes in shaping BRICS as both a development platform and a geopolitical force. 'We are not just participants — we are contributors to the very direction BRICS takes,' he noted. He emphasized that India's successful development models — particularly in poverty alleviation, financial inclusion, and digital public infrastructure — should be viewed as templates for wider application across the Global South.
Ravi was speaking at a conference titled 'BRICS in Rio: Shaping an Inclusive and Sustainable World Order,' at
India International Centre
in New Delhi on June 20. The conference was co-organised by the Embassy of Brazil in India and
Centre for Global India Insights
(CGII), a leading think tank focused on global affairs. Besides Ravi, Brazil's Ambassador to India Kenneth Félix Haczynski da Nóbrega, Russia's Ambassador to India Denis Alipov, Indonesia Ambassador Ina Hagniningtyas
Krisnamurthi
, Egypt's Ambassador Kamel Zayed Kamel Galal and
FICCI
Director General Ms Jyoti Vij also spoke at the conference. The conference, moderated by Manish Chand, CEO, CGII, focused on the role of BRICS in promoting sustainable solutions to challenges faced by the Global South in the context of the BRICS summit in Rio.
'In this conflicted world of egos and competing interests, we need robust multilateralism and consensus-building. And this is where expanding multilateral groupings like BRICS can play a pivotal role in infusing hope in despairing times and in offering viable solutions to cross-cutting challenges,' said Chand.
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'The Rio summit will mark the ongoing ascendance of the Global South in the international arena. We hope that the upcoming Summit in Rio de Janeiro will be an opportunity to strengthen BRICS' role as a platform to voice the concerns and interests of the Global South,' he said.
'The expanded BRICS holds out the promise of reform of international institutions with inclusiveness, with the Global South exercising effective influence on its reconfiguration,' said Brazil's envoy Nobrega. 'Despite the mistaken impressions of some, BRICS is not working against anyone, but exclusively in favour of the sustainable development of its members, as well as for the reform of global governance institutions.'
BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, Saudi Arabia with Indonesia joining in 2025.
Alluding to a complex geopolitical environment, marked by increased polarization and distrust, the envoy underlined that the Brazilian presidency is seeking to update the work dynamics of the grouping while staying true to BRICS acquis and its gold standard: 'pragmatic, patient and inclusive consensus building.'
The motto of Brazilian chairship is 'Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.' The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence.
Use of national currency
Enhancing the use of national currencies in settling intra-BRICS trade figured prominently in discussions, with all panellists backing the proposal, which is already being implemented by BRICS countries.
However, panelists found the idea of a BRICS common currency impractical. Mr Dammu Ravi clarified that discussions around a BRICS common currency are still at a very early stage. 'Today, for now, we are only looking at trade settlement in national currencies. Harmonization of fiscal and monetary policies is very, very difficult to achieve, he said.
Expressing Russia's support for Brazil's BRICS presidency and its emphasis on enhancing cooperation among Global South nations, the Russian envoy commended efforts to diversify financial mechanisms, and backed expansion of the use of national currencies in intra-BRICS trade.
FICCI Secretary General Jyoti Vij outlined the role of
BRICS Business Council
in enhancing economic linkages among BRICS countries and underlined that the use of national currencies will greatly help businesses as it will help cut transaction costs.
Reforming global governance.
Accelerating reform of global governance institutions will figure prominently on the agenda of the BRICS summit in Rio. In this context,Indonesia's Ambassador Krisnamurthi called for better representation of the Global South in multilateral institutions. 'Right now, the Global South represents 85% of the world's population and 39% of global GDP. Yet multilateral institutions do not reflect this reality.'
Outlining Cairo's vision for the upcoming Rio summit, the Egyptian ambassador emphasized the need to 'reform and strengthen the multilateral system in a way that reflects the evolving dynamics and rising role of developing countries.' 'We are keen that the group should focus on areas of cooperation that enjoy consensus, rather than divisive issues,' said the Egyptian envoy.
The Russian envoy underlined BRICS' unity on terrorism. 'We issued a strong condemnation. That shows BRICS can speak with one voice on core issues,' he said while alluding to the grouping's response to terrorism, citing the April 22 Pahalgam attack in India.
The grouping, he added, is evolving into a 'more comprehensive and more representative' platform with its latest round of expansion.'