The BRICS Summit: Navigating A Complex Global Landscape In A Multipolar World (II)

Part I

Reforming International Financial Institutions

Another critical agenda item is the reform of international financial organizations like the IMF and World Bank. BRICS advocates for a more equitable distribution of quotas and voting rights that better reflect the current economic landscape, emphasizing the need to empower developing countries, especially in Africa, Latin America, and the Global South.

Despite widespread acknowledgment of the need for reform, progress has been slow. The dominance of the US dollar in global trade and finance, along with the entrenched influence of Western countries over these institutions, hampers efforts to rebalance power. BRICS members, particularly Russia and China, push for the development of alternative payment systems, digital currencies, and mechanisms that reduce dependence on Western financial infrastructure.

Russia’s emphasis on increasing the use of national currencies in trade settlements aligns with its broader strategy of financial independence. Initiatives like BRICS Clear – a cross-border payment platform – and discussions about a common digital currency exemplify efforts to insulate member economies from Western sanctions and financial restrictions.

Security and Strategic Cooperation

Security issues also feature prominently at the summit. Topics such as cybersecurity, counter-terrorism, and regional conflicts – including the Middle East, Ukraine, and Africa – are on the agenda. Given the India-Pakistan conflict, discussions around terrorism are sensitive, especially as India accuses Pakistan of supporting terrorist groups, a claim Pakistan strongly denies.

The summit also served as a platform to coordinate positions on global crises. For example, energy security and resource management – particularly concerning strategic mineral reserves like lithium – are vital considerations for many member states. As competition for these resources intensifies, BRICS nations seek to develop cooperative frameworks for sustainable extraction and trade.

Practical Areas of Cooperation

Beyond geopolitics and governance reforms, the summit focused on tangible cooperation areas. Russia, in particular, is eager to advance measures that counter Western sanctions, including establishing alternative payment systems, promoting settlements in national currencies, and developing new financial infrastructure.

Efforts to strengthen the New Development Bank (NDB) are prioritized, with discussions on expanding its financial capacity to support infrastructure projects, green energy initiatives, and e-commerce platforms. The development of digital infrastructure – such as a BRICS analog to SWIFT and CBDC (central bank digital currencies) – is also on the table.

Environmental sustainability remains a key concern. BRICS countries are exploring joint green energy projects, including hydropower, solar, wind, and hydrogen energy. The establishment of a BRICS Green Energy Fund, financed through the NDB, could facilitate investments in renewable infrastructure, especially in Africa and other developing regions.

The climate agenda, particularly with COP30 scheduled in Brazil, aims to promote “climate multipolarity” – recognizing that different countries may pursue varied approaches to climate mitigation and adaptation. Disputes over fossil fuel use, carbon markets, and climate finance are likely to feature prominently, with some members advocating for a gradual transition and others emphasizing the preservation of energy sovereignty.

Cultural and Scientific Cooperation

While less prominent than economic and geopolitical issues, cultural and scientific exchanges remain vital for strengthening intra-BRICS ties. Initiatives such as university partnerships, youth forums, and joint research projects – especially in artificial intelligence, cybersecurity, and environmental sciences – have been discussed.

The role of the expert track, such as academic forums and civil society initiatives, has diminished compared to earlier years. Nevertheless, fostering educational exchanges and supporting youth diplomacy are seen as crucial for building long-term solidarity among member states.

Conclusion: A Summit at a Crossroads

The 2025 BRICS summit in Rio de Janeiro encapsulates a world at a crossroads – a complex interplay of geopolitical rivalry, economic transformation, and the quest for a more equitable global order. While internal disagreements and divergent interests pose challenges, the summit offers an opportunity to chart a new course that balances national ambitions with collective goals.

Expectations are high for progress on critical issues like UN and IMF reforms, financial independence, regional security, and sustainable development. Yet, the path ahead remains fraught with obstacles, as the group navigates internal heterogeneity and external pressures.

Ultimately, the summit’s success will hinge on the ability of BRICS nations to forge a cohesive vision that advances their shared interests while accommodating diverse perspectives. In doing so, BRICS can reinforce its role as a key pillar of the emerging multipolar world – shaping global governance, fostering economic resilience, and striving for a more just international order.