Catenaa, Monday, June 23, 2025-Ahead of the BRICS summit set for July 6–7 in Rio de Janeiro, member states are expected to push for increased trade in national currencies while shelving, for now, discussions on a common currency, diplomats said at a forum Friday.
Speaking at a conference co-hosted by Brazil’s embassy and the Centre for Global India Insights, Russian Ambassador Denis Alipov stressed the bloc’s focus on practical solutions, dismissing notions that BRICS is an anti-West coalition. He noted local currency trade is already active among members.
India’s BRICS Sherpa, Dammu Ravi, said conversations on a shared BRICS currency were still in “very early” stages, citing the complexity of harmonizing monetary policies across diverse economies. Brazilian Ambassador Kenneth da Nobrega echoed this, stating integration on that scale would take years, but local currency settlements were already bearing results.
The summit comes amid geopolitical strains, with President Donald Trump warning BRICS against undermining the dollar. Leaders from India, China, South Africa, and new BRICS entrants — including Egypt, Iran, Ethiopia, UAE, and Indonesia — are expected to attend.
Indonesian Ambassador Ina Krisnamurthi urged the bloc to move from dialogue to action on issues like climate finance and data equity, noting the Global South now comprises 85 percent of the global population. Egyptian envoy Kamel Galal called for reforming global institutions and refocusing BRICS on consensus-driven cooperation.
The summit is expected to highlight trade realignment and growing calls for multipolarity in global governance.
