The 17th BRICS Summit was held in Rio de Janeiro, Brazil under the theme "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance." India signed the Rio de Janeiro Declaration and will host the 18th BRICS Summit in 2026.
1. Membership Expansion:
- Indonesia officially joined BRICS.
- 11 countries including Belarus, Bolivia, Nigeria, and Vietnam were welcomed as partner countries.
- Saudi Arabia has not formalised its entry; Argentina opted out.
2. Global Governance Reform:
- Called for UNSC expansion with permanent seats for Asia, Africa, and Latin America.
- Demanded reforms in IMF, World Bank, and support for a rules-based WTO.
3. Climate and Development:
- Adopted Leaders’ Framework Declaration on Climate Finance.
- Signed MoU on BRICS Carbon Markets Partnership.
- Rejected EU's Carbon Border Adjustment Mechanism (CBAM).
4. Peace and Security:
- Supported “African Solutions to African Problems”, called for Gaza ceasefire, and condemned terrorism (notably the Pahalgam attack).
5. Financial Cooperation:
- Pushed for a Cross-Border Payments Initiative to reduce USD dependence.
- Expanded New Development Bank and launched BRICS Multilateral Guarantees pilot.
6. Tech and Digital Economy:
- Adopted Global AI Governance Statement, agreed on BRICS Space Council, and enhanced Data Economy Cooperation.
7. Health and Social Justice:
- Launched Partnership for the Elimination of Socially Determined Diseases (like TB).
What is BRICS?
- Formed: 2009 (South Africa joined in 2010)
- Members: Brazil, Russia, India, China, South Africa; new members in 2024–25 include Iran, UAE, Egypt, Ethiopia, and Indonesia.
- Significance: Represents 45% of global population and over 37% of global GDP.
- Key Bodies: New Development Bank (2014), CRA, BRICS Space Council, Grain Exchange, Rapid Info-Security Channel, STI Framework.