BRICS+ Series: Brazil Leads BRICS Amid Global Uncertainty
Brazil has taken up the rotating presidency of the BRICS bloc at a time of heightened geopolitical uncertainty. As the grouping gears up for its annual meeting in Rio de Janeiro this July, the host nation is tasked with managing rising global tensions, partly fuelled by the protectionist trade policies of US President Donald Trump.
A member's first
The forthcoming summit, scheduled 6–7 July, will be the first to include Indonesia as a full member. Confusion remains over Saudi Arabia's status—it is listed as a member on Brazil's official BRICS presidency website, although it has not officially joined.
Nine additional countries—Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan—have been granted 'partner country' status, while over 30 others have expressed interest in joining. This wave of expansion, driven largely by Brazil, Russia and China, has brought BRICS and its partners to represent around 50% of the global population and close to 40% of worldwide GDP. Brazil and India, however, have shown more restraint regarding this enlargement, according to analysts.
In addition, President Luiz Inácio Lula da Silva has extended summit invitations to Mexico, Colombia, and Uruguay, in line with diplomatic norms that welcome key non-members with regional or strategic relevance.
More than 100 preparatory meetings involving ministers and technical experts are being coordinated in Brasília between February and July. Yet, the discussions in Rio are expected to be heavily influenced by the resurgence of Trump's tariff-centred foreign policy.
Conference of the Parties
One of Brazil's primary goals for the summit is to formulate a joint strategy on climate finance, enabling BRICS to lead at COP30. According to Brazil's top negotiator, Maurício Lyrio, developing countries require USD 1.3 trillion to address the climate crisis. He voiced frustration with what he described as the 'underwhelming' funding outcomes of COP29 in Baku.
At COP30, Brazil and partner nations aim to unveil the Tropical Forest Forever Facility (TFFF), a USD 125 billion mechanism to finance forest preservation in eligible countries across the Global South.
During recent UN biodiversity negotiations (COP16), BRICS played a decisive role in brokering an agreement. Building on that momentum, the bloc now intends to expand its influence on climate matters, especially in light of waning US involvement in global environmental frameworks.
That ambition, however, must contend with economic realities. Brazil's oil exports climbed to nearly USD 45 billion in 2024, fuelled largely by Chinese demand. Over the last five years, the volume of crude exports has doubled—and has nearly quadrupled since 2014, official data shows.
The BRICS Bank
The New Development Bank (NDB), also referred to as the BRICS Bank, is becoming a critical funding institution for developing countries. Under Dilma Rousseff's leadership, the NDB has increased its lending, including a $1.1 billion package to support flood recovery in southern Brazil.
As global negotiations around climate finance heat up, the NDB's role in bridging financing gaps for sustainable infrastructure and development has grown increasingly important.
Written by:
*Dr Iqbal Survé
Past chairman of the BRICS Business Council and co-chairman of the BRICS Media Forum and the BRNN
*Cole Jackson
Lead Associate at BRICS+ Consulting Group
Chinese & South American Specialist
**The Views expressed do not necessarily reflect the views of Independent Media or IOL.
** MORE ARTICLES ON OUR WEBSITE https://bricscg.com/
** Follow @brics_daily on X/Twitter & @brics_daily on Instagram for daily BRICS+ updates
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