KEYIR NEWS - Rio de Janeiro, Brazil:– The 17th BRICS Summit concluded on 7 July with a resolute declaration rejecting global protectionism and advocating for reform of international financial institutions, as the expanded bloc positions itself as a voice for the Global South amid escalating geopolitical volatility.
Chaired by Brazilian President Luiz Inácio Lula da Silva, the summit brought together leaders and representatives of the now 11-member alliance, including Ethiopia, Saudi Arabia, and Indonesia, with discussions dominated by rising trade tensions and Middle East instability.
The final communiqué condemned the global surge in “indiscriminate tariffs,” asserting that such measures undermine fair trade and violate the foundational principles of the World Trade Organisation.
Ethiopian Prime Minister Abiy Ahmed, attending his inaugural BRICS summit, called for “a reimagining of multilateralism that places equity, dignity, and partnership at its centre,” while reaffirming Ethiopia’s commitment to South-South cooperation and economic integration.
Absent in person but present via video, Russian President Vladimir Putin and Chinese Premier Li Qiang, substituting for Xi Jinping, voiced support for strengthening emerging market influence in global governance. Putin, in particular, declared that the era of “Western-centred liberal globalisation is obsolete,” and hailed the rise of multipolar cooperation.
On the financial front, BRICS finance ministers advanced a unified proposal to reform IMF quotas, seeking to rebalance voting power away from Europe and towards underrepresented developing economies.
Momentum also gathered around local-currency trade settlements and coordinated investment in green transition projects, including tropical forest preservation.
Despite declarations of unity, the summit revealed the bloc’s growing complexity. While calls for a ceasefire in Gaza and respect for Iranian sovereignty found consensus, diverging political systems and strategic interests remain a challenge for sustained cohesion.
The Rio summit ends with BRICS reaffirming its relevance—but still searching for strategic harmony.