Brazil Hosts Emergency BRICS Summit to Coordinate Trade Response

Brazil, currently holding the rotating BRICS presidency under President Luiz Inácio Lula da Silva, is emphasizing climate change and fair financing models while navigating the bloc's diverse economic interests, including oil and coal dependencies. Lula has criticized wealthy nations for not meeting COP commitments and is advocating for a new development bank financing model to support climate and infrastructure projects, aiming to influence global discussions at COP30. An emergency BRICS virtual summit was convened by Brazil to respond to significant U.S. tariffs imposed on member economies, with major leaders like Xi Jinping and Vladimir Putin participating to coordinate a unified strategy, though no joint communiqué is expected. Laos, recently granted dialogue partner status in the SCO, expressed interest in joining BRICS, viewing it as a key platform for multilateral cooperation and economic growth amid global trade challenges. Experts highlight BRICS’ role in fostering a multipolar world order and regional stability, with ongoing initiatives including cross-border payment systems and investment platforms to strengthen economic ties. Additionally, discussions emphasize BRICS and the Global South as drivers of new global trade architecture, resilience to sanctions, a peaceful shift to national currencies, and challenges in shipping connectivity impacting trade dynamics.