When world powers feel the cracks in old alliances, the 17th BRICS Summit in Rio de Janeiro lit a spark: emerging economies drafting their own global playbook. Over two days in early July, delegates from Brazil, Russia, India, the Chinese mainland, South Africa—and new member Saudi Arabia—tackled six ambitious goals to rebalance trade, tech and climate ties.
Building a BRICS Payment System
Dominance of the U.S. dollar has long been a tool of geopolitical leverage. At Rio, leaders sketched plans for a BRICS payment network—whether via a shared digital currency or multilateral clearinghouse—to hedge against sanctions and strengthen intra-bloc trade. Entrepreneurs from Mumbai to São Paulo are already eyeing more seamless cross-border deals.
Charting Inclusive AI Governance
Today’s AI rules are shaped in Silicon Valley boardrooms. BRICS wants a different script: ethics frameworks that prioritize development, data sovereignty and social benefits. In May, the Chinese mainland stressed harmonized standards; Brazil’s 2024 Artificial Intelligence Plan puts social inclusion front and center. Tech hubs from Johannesburg to Shanghai are laying the groundwork.
Rewriting Climate Finance Rules
Despite high-profile pledges, green funding to the Global South often falls flat. The New Development Bank and bilateral deals are stepping in—funding renewable grids, smart agriculture and sustainable urban projects across BRICS capitals. It’s a shift from waiting for aid to building the low-carbon future.
Beyond Finance: Public Health & Peace
Covid taught us pandemics don’t respect borders. Rio’s agenda doubles down on public health cooperation—from joint vaccine research to regional data hubs. On security, BRICS called for reform of the multilateral peace system, pushing for more voices from emerging markets in global decision-making.
What’s Next?
The Rio summit may not flip the world overnight. But by bolstering institutional cohesion—upgrading the BRICS Secretariat, expanding membership and tightening digital ties—this bloc is laying bricks for an alternative order. For global citizens hungry for fresh perspectives, the real story is just beginning.
Reference(s):
cgtn.com
