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Brazil assumes the rotating presidency of BRICS, a bloc formed by Brazil, Russia, India, China and South Africa. Among the priorities are the possible replacement of the dollar in international transactions, environmental issues, trade facilitation and governance of artificial intelligence.
In a move that could redefine the global economic balance, Brazil assumed, on January 1, 2025, the rotating presidency of BRICS, a bloc that brings together Brazil, Russia, India, China and South Africa.
With an ambitious agenda, the country intends to address crucial issues such as the possible replacement of the dollar in international transactions, the environment, trade and artificial intelligence.
Brazil assumes leadership of BRICS with focus on strategic issues
The BRICS presidency is rotating and lasts for one year. Initially, Brazil was to take over the leadership of the bloc in 2024, but, due to its G20 presidency in the same period, it postponed the task until 2025.
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During this year, the country will organize and coordinate meetings of the working groups that make up the bloc, with more than 100 meetings scheduled between February and July, in Brasília.
The BRICS Summit, which brings together heads of state and government, is scheduled for July in Rio de Janeiro.
Priorities of the Brazilian presidency in BRICS
Brazil has defined five priority themes for discussion at BRICS:
- Facilitation of trade and investment between the countries of the group, through the development of new means of payment.
- Promoting inclusive and responsible governance of artificial intelligence.
- Improving financing structures to tackle climate change.
- Encouragement of cooperation projects between countries of the Global South, with a focus on public health.
- Institutional strengthening of the bloc.
Discussion on replacing the dollar
The possible replacement of the dollar as the standard currency in international transactions is one of the most controversial topics on the agenda.
Since the Bretton Woods Agreement in 1944, the dollar has established itself as the main currency in global trade.
However, this dependence makes emerging economies vulnerable to fluctuations in US monetary policy.
US President-elect Donald Trump has threatened to impose 100% tariffs on products from BRICS countries if they move forward with replacing the dollar.
Despite the threats, BRICS leaders, including Brazilian President Luiz Inácio Lula da Silva, have shown interest in exploring alternatives that reduce dependence on the dollar, seeking greater financial autonomy and economic stability.
Expansion and new members
The Brazilian presidency takes place at a time of expansion for the bloc.
Originally formed by Brazil, Russia, India and China, the group incorporated South Africa in 2010. In 2024, BRICS approved the entry of six more countries, including Iran, Egypt and Ethiopia.
Argentina, which was on the list, withdrew from participating after the election of Javier Milei.
Furthermore, the bloc is discussing the creation of a category of partner countries, with a lower status than that of full members, but with the possibility of participating in summits and meetings.
These countries include Cuba, Türkiye, Thailand, Nigeria and Algeria.
Challenges and perspectives for Brazil as leader of BRICS
Experts in international relations and economics assess that the expansion of BRICS could increase Russia's geopolitical influence and China.
There are disagreements about the economic effects of these measures.
For professor José Luís da Costa Oreiro, from the Department of Economics at the University of Brasília (UnB), the expansion of the bloc reflects a dispute for hegemony between China and Russia, on one side, and the United States and Europe, on the other.
According to Oreiro, this is a dispute over areas of influence around the world, similar to what motivated the creation of other groups, such as the G7.
Brazil, upon assuming the presidency of BRICS, faces the challenge of balancing diverse interests and promoting an agenda that strengthens cooperation among member countries, while seeking solutions to urgent global issues, such as climate change and the governance of artificial intelligence.
Do you believe that the replacement of the dollar in international transactions by the BRICS countries could trigger a new global trade war? Leave your opinion in the comments.
It's easier for the BRICS to disappear than for the dollar lol