BRICS nations' trade discussions highlighted by Putin
The BRICS Summit 2025, held in Brazil, marked a significant milestone in the history of the bloc, signifying both extensive expansion and a new focus on economic priorities.
The BRICS coalition, initially formed in 2006 by Brazil, Russia, India, and China, has grown significantly over the years. By 2025, the bloc had expanded to an 11-member group, with Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, and Indonesia joining as full members. In addition to these new members, BRICS+ partners such as Vietnam, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, and Uzbekistan also joined, bringing the total BRICS+ membership and partnership to 20 states.
This expansion has dramatically increased BRICS’s global influence. The bloc now represents over 55% of the world’s population (4.45 billion people) and approximately 44% of global GDP at purchasing power parity (PPP).
At the summit, Russian President Vladimir Putin underscored the importance of using national currencies for trade within BRICS countries. This reflects a strategic effort by Russia and other members to reduce reliance on the US dollar and Western-dominated financial systems. This de-dollarization initiative aligns with BRICS’s broader goal of reshaping the global economic order by promoting multilateralism and economic cooperation based on national sovereignty and alternative financial mechanisms.
The summit adopted the “Rio de Janeiro Declaration,” emphasizing multilateralism, sustainable development, counterterrorism, and AI governance. Indian Prime Minister Narendra Modi emphasized reforms in global governance institutions like the UN Security Council, IMF, and WTO, reflecting the bloc’s shared desire to update international institutions in favor of Global South interests.
In conclusion, the BRICS Summit 2025 not only solidified the bloc’s expanded geopolitical footprint but also reinforced a strategic shift toward economic independence through national currency trade, championed by Putin and other leaders as a challenge to the Western-dominated financial system. The summit reflects BRICS’s ambition to become a central force in shaping the global economic and political landscape in the coming decade.
| Category | Members/Partners | |------------------|-------------------------------------------------------------------------------------------------------------| | Original 5 | Brazil, Russia, India, China, South Africa | | New Full Members | Egypt, Ethiopia, Iran, Saudi Arabia, UAE, Indonesia | | Partners (BRICS+)| Vietnam, Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan | | Total BRICS+ | 20 members and partners | | Global Impact | 55.61% of world population, 43.93-44% of global GDP (PPP) |
The 11-member BRICS bloc, with Egypt, Ethiopia, Iran, Saudi Arabia, United Arab Emirates, and Indonesia as new full members, now represents over 55% of the world’s population and approximately 44% of global finance at purchasing power parity.
Russian President Vladimir Putin's emphasis on using national currencies for trade within BRICS countries reflects a strategic effort by Russia and other members to reduce reliance on the US dollar and Western-dominated financial systems, a de-dollarization initiative that aligns with BRICS’s broader goal of reshaping the global economic order by promoting multilateralism and economic cooperation based on national sovereignty and alternative financial mechanisms.
