BRICS Summit: Redefining the Group’s Economic Role Amid Notable Absences
BRICS Summit in Rio de Janeiro: Notable Absences and Talks on a New Global Order
The expanded BRICS summit kicked off in Rio de Janeiro, Brazil, amid a complex international landscape and the absence of two of the group’s most prominent leaders: Chinese President Xi Jinping and Russian President Vladimir Putin. As the group expands and its ambitions to reshape the global financial system grow, this summit is viewed as a critical test of its cohesion and ability to act collectively.
For the first time in over a decade, the Chinese president is absent from a BRICS summit, delegating Premier Li Qiang to lead the Chinese delegation. President Putin is participating remotely via video link due to an International Criminal Court arrest warrant. Despite these high-profile absences, the summit continues with a packed agenda over two days.
This marks the first true test for BRICS following its major 2024 expansion, which welcomed six new countries: Egypt, the UAE, Saudi Arabia, Iran, Ethiopia, and Indonesia. The expansion has significantly boosted the group’s diplomatic profile and its influence in global economic and political discussions.
One of the key topics under discussion this year is “de-dollarization”—a strategic move to reduce reliance on the U.S. dollar in trade and financial transactions among member states. Russia and Iran strongly advocate for this direction, citing the impact of Western sanctions, while China is pushing to increase the use of its digital currency. Brazilian President Luiz Inácio Lula da Silva, whose country currently holds the BRICS presidency, emphasized that “expanding payment options” is a top priority for Brazil at this stage.
O BRICS se reúne, mais uma vez, no Brasil. Com quase metade da população mundial, somos responsáveis por 40% da riqueza produzida no planeta. Com a entrada de novos membros, estamos fortalecendo o Sul Global e ampliando a voz dos países emergentes.
Sob a presidência brasileira,… pic.twitter.com/kS6iWM58Ke
— Lula (@LulaOficial) July 6, 2025
On the broader economic front, BRICS finance ministers issued a joint statement calling for sweeping reforms at the International Monetary Fund, including the redistribution of voting rights and an end to the longstanding tradition of European leadership at the fund. The statement advocated for a new quota formula reflecting GDP, purchasing power, and currency value to better represent developing nations.
The ministers also underscored the need to support investment in low-income economies and proposed the creation of a new guarantee mechanism through the group’s New Development Bank to lower financing costs and stimulate economic growth.
Amid threats from U.S. President Donald Trump to impose tariffs of up to 100% on BRICS countries that shift away from the dollar, the summit is shaping up as a test of the bloc’s resolve to pursue greater economic independence and advocate for a more balanced global system.
Despite challenges, the summit continues with extended sessions and a series of bilateral and multilateral meetings covering development, technology, climate issues, and peace and security. While some prominent figures are absent from the table, the ambitions remain high in what is widely seen as a pivotal moment for BRICS and its role in a rapidly changing world.
