A BRICS Virtual Summit, convened by Brazilian President Luiz Inácio Lula da Silva on September 8-9, 2025, focused on strengthening intra-bloc trade and financial integration as a strategic shield against rising global protectionism. Leaders from the expanded ten-member bloc unanimously agreed that the increasing use of unilateral sanctions and tariff policies by advanced economies necessitates a decisive shift toward greater economic independence for the Global Majority.
Key initiatives discussed at the summit centered on reducing the group’s dependence on the US dollar and Western-dominated systems. Commitments were made to expand trade settled in local currencies (a practice that has already surged within the bloc), and to accelerate the implementation of alternative national payment systems. Discussions also advanced plans for BRICS Pay (a cross-border financial messaging system) and a BRICS clearing mechanism to simplify direct, inter-bloc transactions.
Furthermore, the summit affirmed the commitment to bolstering the role of the New Development Bank (NDB), recognizing its growing capacity to mobilize resources. The NDB is being supported to increase financing for strategic projects in infrastructure, renewable energy, and digital transformation across member nations. By taking these steps, BRICS aims to translate its significant economic weight—representing 40% of global GDP (PPP)—into a fairer, more stable, and multipolar financial system.
