LATIN AMERICA ADVISOR

LATIN AMERICA ADVISOR

A daily publication Of the dialogue

February 28, 2025

What Developments Will Emerge From the BRICS Summit?

Leaders of the BRICS group of nations are to meet in Rio de Janeiro in July. // File Photo: Oleg via Adobe Stock.

Q

A

Tara Hariharan, managing director of global macro research at NWI Management LP: “Brazil’s agenda for the July BRICS meeting aims to bolster a multipolar trade system highlighting the Global South. The bloc may discuss boosting intra-BRICS trade in local currencies. President Trump’s vow of 150 percent tariffs should BRICS challenge dollar primacy has obviated an alternative currency, but members still seek less exposure to U.S. sanctions and tariffs. Brazil may promote its successful instant payments systems as a conduit for intra-bloc trade. The agenda also emphasizes six cooperation areas: health, trade, climate change, AI, multilateral security reform and institutionally strengthening BRICS. However, progress on these issues may be dwarfed by the sea-change in America’s stance on globalization, development and energy policies. BRICS recently expanded beyond its acronym, including Ethiopia, Iran, Egypt, the UAE and Indonesia…”

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