BRICS nations need to build consensus and balance innovation by reinforcing digital sovereignty of the Global South

BRICS, the developing world's stand-in to the G-7 grouping, was expanded at the Kazan Summit, last year. Post expansion, Indonesia, Iran, Egypt, Ethiopia, Saudi Arabia and the UAE have joined the founding members Brazil, Russia, India, China and South Africa.

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In a world divided in silos, BRICS nations are advancing pragmatic pluralism. Under its presidency, Brazil has resisted strong pressures to position BRICS as an anti-West alliance.

Six key agenda points at the 2025 Summit in Rio de Janeiro (July 6-7) indicate apprehensions and fear of our times. They include a more efficient BRICS payment system to boost trade and investment; Inclusive and ethical governance of Artificial Intelligence (AI); Climate agenda to recalibrate the politics of climate finance; Deeper cooperation in public health; Global reform of the multilateral peace system and Actions to improve institutional structure and cohesion.

In the international market, the dominance of the US dollar has resulted in the establishment of an alternative international currency indicating progress toward de-dollarization. An International Monetary Fund (IMF) report in June 2024 observed gradual decline in dollar's share of foreign reserves held by Central Banks with many countries diversifying their holdings into nontraditional currencies augmenting their gold reserves.