The 17th BRICS Summit opened in Rio de Janeiro, Brazil, bringing together emerging market economies to address global governance reform, trade integration, and multilateral cooperation amid rising geopolitical tensions, according to reports from the Brazil presidency and regional experts.
BRICS Economic Scale and Global South Expansion
The expanded BRICS+ group now represents about 41 percent of the world’s population, encompassing roughly 4 billion people, according to Evandro Menezes de Carvalho, a professor of international law at Fluminense Federal University in Brazil. Original BRICS countries account for over 35 percent of global gross domestic product based on purchasing power parity, while the expanded bloc represents more than 40 percent, exceeding the economic footprint of the G7 group of developed nations.
At the BRICS Economic and Trade Forum in Beijing, Li Qingshuang, vice-chairperson of the China Council for the Promotion of International Trade, stated that BRICS nations account for about 30 percent of the global economy and one-fifth of world trade volume. According to Li, the bloc contributes more than half of global economic growth, acting as a stabilizing force amid mounting unilateralism and protectionism.
New Development Bank Expansion and Alternative Financing
During the summit proceedings in Rio de Janeiro, Brazil’s President Luiz Inacio Lula da Silva addressed the 10th Annual Meeting of the New Development Bank (NDB) on July 4, 2025. NDB President Dilma Rousseff announced that Colombia and Uzbekistan have officially joined the bank, bringing total institutional membership to 11 nations following approval by the board of governors.
Over the past decade, the NDB has approved more than 120 projects totaling $40 billion, providing financial support across infrastructure, clean energy, environmental protection, and digital development. Shakeel Ahmad Ramay, CEO of the Asian Institute of Eco-civilization Research and Development in Pakistan, noted that institutions like the NDB offer developing countries a credible alternative to traditional Western lenders facing severe financial crises.
Trade Standards and Multilateral Challenges
Participating nations at the summit unitedly criticized recent trade disputes and tariff policies, pointing to disruptions caused by reciprocal tariffs of up to 50 percent implemented on major trading partners. A draft summit statement obtained by Agence France-Presse expressed serious concern regarding unilateral tariff and non-tariff measures that distort trade, run counter to World Trade Organization rules, and threaten global economic development prospects.
To counteract supply chain fragmentation, member states focused on regulatory alignment and standard harmonization at the Beijing trade forum. Irene M. Han, deputy ambassador of Indonesia to China, emphasized that standard certification plays a crucial role in enabling products from developing countries to enter global markets. Khaled Melad Rezek, minister plenipotentiary and head of the economic and commercial department at the Egyptian embassy in China, characterized BRICS as a practical platform for advancing industrial cooperation, financial collaboration, and South-South integration.