As the developing world&rsquo;s counterbalance to the G-7, BRICS has evolved significantly&mdash;especially following its expansion at last year&rsquo;s Kazan Summit. With Indonesia, Iran, Egypt, Ethiopia, Saudi Arabia, and the UAE joining founding members Brazil, Russia, India, China, and South Africa, BRICS now represents a formidable voice for the Global South.
Amid a fragmented global order, BRICS has embraced pragmatic pluralism. Brazil, currently holding the presidency, has notably resisted efforts to frame the grouping as anti-Western. This year's summit in Rio de Janeiro (July 6&ndash;7) highlights six priority areas: enhancing the BRICS payment system to boost trade and investment; establishing inclusive and ethical AI governance; driving climate action with fair climate financing; deepening cooperation in public health; advocating for global peace system reforms; and strengthening internal institutional coherence.
One major focus is de-dollarization. The dominance of the U.S. dollar in global trade is increasingly being challenged. An IMF report from June 2024 revealed a gradual shift in global central bank reserves away from the dollar, with many countries moving towards non-traditional currencies and increasing their gold holdings.
In line with this shift, BRICS countries are exploring alternatives to U.S.-centric financial systems, including a BRICS-centric digital currency and a substitute for the SWIFT payment network. These moves are seen as a direct response to U.S. sanctions and asset freezes, mechanisms widely regarded as tools of financial dominance.
The adoption of open innovation and collective intelligence is transforming how BRICS economies operate&mdash;be it through digital currencies, mobile payments, car-sharing platforms, or innovative logistics solutions that help navigate global freight volatility. These developments are enhancing trade competitiveness across BRICS nations.
Artificial Intelligence (AI) is also emerging as a cornerstone for BRICS-led development. The Stanford AI Index Report 2024 found that over 77% of global companies now use AI. India, notably, ranks fourth globally in AI vibrancy, behind only the U.S., China, and the UK. The New Development Bank (NDB) has a key role in financing AI-led sustainable and inclusive growth.
BRICS nations are working to align AI development with ethical standards, ensuring it upholds human rights and information integrity. UNESCO&rsquo;s 2021 Recommendation on the Ethics of AI offers a global framework to guide this process.
Balancing technological advancement with social justice and reinforcing the Global South's digital sovereignty will be crucial. Equitable AI deployment must become central to BRICS cooperation.
Climate finance remains a significant point of contention between the Global South and developed countries. While international agreements like the Kyoto Protocol and the Paris Agreement emphasize financial support from wealthier nations to more vulnerable ones, delivery has fallen short. Political resistance and public opposition in developed nations have stymied progress.
Despite this, BRICS countries are investing in green infrastructure and pushing for climate finance that reflects the principle of &ldquo;common but differentiated responsibilities.&rdquo; Together, these nations account for nearly half of the global population and about one-third of global GDP&mdash;making their leadership vital.
At the 10th Annual Meeting of the New Development Bank&rsquo;s Board of Governors, India&rsquo;s Finance Minister Nirmala Sitharaman emphasized that sustainable financing is about more than just funding&mdash;it&rsquo;s about fairness, trust, and leadership. She highlighted India&rsquo;s dual challenge: accelerating development to meet basic needs, while tackling escalating climate risks such as heatwaves, water scarcity, and extreme weather.
At a time when protectionism and global distrust are rising, India&rsquo;s digital leadership&mdash;including initiatives like Digital India, Digital Public Infrastructure (DPI), and the India AI Mission&mdash;can play a transformative role. These frameworks can help drive the digital economic transition for BRICS and meet the developmental goals of the Global South. [Except for the headline, this article has not been edited by the Benefit News editorial team and is published directly from the IANS news feed]

At Rio Summit, BRICS eyes AI ethics, trade de-dollarization & digital power for Global South

BRICS Pushes AI, Trade & Digital Sovereignty

At Rio Summit, BRICS eyes AI ethics, trade de-dollarization & digital power for Global South

July 6, 2025 | 15:03 IST