July 3, 2025
3 mins read

Settlement in national currencies on BRICS agenda

The summit is expected to reinforce BRICS’ evolving role as a platform for inclusive global development and balanced multipolar engagement

As anticipation builds for the upcoming BRICS Summit scheduled for 6-7 July, Brazilian academic Lier Pires Ferreira has outlined the forum’s key focus areas. Speaking to Toda Palavra, a media partner of TV BRICS, the professor from the BRICS Research Centre at the Federal University of Fluminense described the outlook as “favourable,” highlighting that the meeting will address major political, economic, and social priorities shared by member states.

From a political perspective, Ferreira said the summit will underline the importance of safeguarding multilateralism and reforming global governance. He noted that the BRICS bloc is expected to push for broader participation from countries in the Global South in international decision-making forums, an effort aimed at creating a more balanced world order.

On the economic front, a significant portion of the agenda will revolve around expanding mutual trade using national currencies. Ferreira observed that this shift away from dollar dependency aligns with long-standing efforts to strengthen intra-BRICS economic cooperation. Sustainable development and deeper energy integration, already embedded in the group’s investment roadmap, are also likely to gain renewed momentum, as reported by TV BRICS.

The professor also pointed to a growing emphasis on social issues. Under Brazilian President Luiz Inacio Lula da Silva’s leadership, he said, Brazil is steering conversations around digital connectivity and the fight against hunger and poverty, both of which are expected to figure prominently during the summit.

In light of shifting geopolitical dynamics, Ferreira further suggested that the bloc may explore the establishment of independent mechanisms to resolve disputes among member nations–an initiative that would enhance strategic autonomy and cooperation.

The summit is expected to reinforce BRICS’ evolving role as a platform for inclusive global development and balanced multipolar engagement.

Meanwhile, Harvansh Chawla, Chairman of the BRICS Chamber of Commerce and Industry, highlighted India’s importance in the BRICS grouping, stating, “due to the aura and initiatives of our Prime Minister Narendra Modi, India has a significant role to play in BRICS this time.”

Prime Minister Narendra Modi will visit Brazil from July 5 to 8 to participate in the 17th BRICS Summit, which will be held in Rio de Janeiro from July 6 to 7.

Speaking to ANI, he said, “Due to the aura and initiatives of our PM, India has a significant role to play in BRICS this time.”

Chawla emphasised that India will be the host country of the BRICS summit in 2026 and will chair the grouping for the following year. He said, “India is going to be the host country of the BRICS summit in 2026, and India will be the Chairman of BRICS for the next one year.”

Chawla noted that India’s chairmanship comes at a crucial time, given its neutral stand and substantive role in global trade. He added, “Keeping in mind the neutral stand and the substantive role that India has in trade today, we are there as the Chairman of BRICS at the right time, in the right atmosphere of the trade world as of now.”

Highlighting the significance of the summit, he noted that, “this is going to be one of the most historic summits of BRICS so far, and not only because PM Modi is going to be there. But keeping in mind the tariff war that the United States has started all over the world, this summit becomes very significant as far as BRICS countries are concerned.”

“So whatever the summit outcome will be, it will be very historic and very significant this time,” he added.

Modi embarked on a five-nation, during which he will attend the BRICS Summit in Brazil and hold meetings with leaders of Ghana, Trinidad and Tobago, Argentina and Namibia to strengthen bilateral ties. 

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