17th BRICS Summit

Source: LM

Context: India’s Prime Minister of India participated in the 17th BRICS Summit in Brazil, where Indonesia was welcomed as a full BRICS member.

• The summit also saw adoption of the Rio de Janeiro Declaration focused on global governance reforms and sustainable development.

About 17th BRICS Summit:

• What is BRICS?

• BRICS is an intergovernmental forum of emerging economies initially comprising Brazil, Russia, India, China, and South Africa. The term “BRIC” was coined in 2001 by economist Jim O’Neill to represent fast-growing economies. South Africa joined in 2010, making it BRICS.

• BRICS is an intergovernmental forum of emerging economies initially comprising Brazil, Russia, India, China, and South Africa.

• The term “BRIC” was coined in 2001 by economist Jim O’Neill to represent fast-growing economies. South Africa joined in 2010, making it BRICS.

• Establishment and Evolution:

• Formed in 2009 (1st summit in Yekaterinburg, Russia). Evolved from informal dialogue to structured cooperation platform. Expanded in 2024–25, now known as BRICS+ or Expanded BRICS.

• Formed in 2009 (1st summit in Yekaterinburg, Russia).

• Evolved from informal dialogue to structured cooperation platform.

• Expanded in 2024–25, now known as BRICS+ or Expanded BRICS.

• Objectives:

• Promote multipolarity and global South cooperation. Reform international institutions like UNSC, IMF, and World Bank. Enhance economic, technological, and development collaboration. Counterbalance dominance of Western-led institutions like the G7.

• Promote multipolarity and global South cooperation.

• Reform international institutions like UNSC, IMF, and World Bank.

• Enhance economic, technological, and development collaboration.

• Counterbalance dominance of Western-led institutions like the G7.

• Members:

• Original 5: Brazil, Russia, India, China, South Africa New Members: Egypt, Ethiopia, Iran, UAE, Indonesia (joined in 2025)

• Original 5: Brazil, Russia, India, China, South Africa

• New Members: Egypt, Ethiopia, Iran, UAE, Indonesia (joined in 2025)

• The leaders also expressed full support for India’s BRICS Chair ship in 2026 and the holding of the 18th BRICS Summit in India.

About Rio de Janeiro Declaration:

• Global Governance Reform:

• Called for urgent reforms in UNSC, IMF, WTO to reflect 21st-century realities. Emphasized voice and participation of Global South in international forums.

• Called for urgent reforms in UNSC, IMF, WTO to reflect 21st-century realities.

• Emphasized voice and participation of Global South in international forums.

• Peace and Security:

• Condemned terrorism, specifically the Pahalgam attack in India. Demanded strong global action against terror sponsors and zero tolerance for terror.

• Condemned terrorism, specifically the Pahalgam attack in India.

• Demanded strong global action against terror sponsors and zero tolerance for terror.

• Technology & AI:

• Advocated for responsible AI governance with balance between regulation and innovation. Proposed a BRICS Science & Research Repository for Global South access.

• Advocated for responsible AI governance with balance between regulation and innovation.

• Proposed a BRICS Science & Research Repository for Global South access.

• Economic & Financial Affairs:

• Emphasized sustainable funding through NDB on demand-driven principles. Stressed building resilient supply chains for critical minerals.

• Emphasized sustainable funding through NDB on demand-driven principles.

• Stressed building resilient supply chains for critical minerals.

• Inclusion of Indonesia:

• Indonesia became the first Southeast Asian nation to join BRICS, deepening Asia-Africa-Latin America ties.