THE 17th Brics summit opened in the Brazilian city of Rio de Janeiro today. 

The summit brings together leaders from around 20 countries, including Brics members, partner states, and invited nations.

The Brics acronym comes from the initial letters of the founding member countries: Brazil, Russia, India, China and South Africa. 

Brics, which held its first summit in 2009, later added Egypt, Ethiopia, Indonesia, Iran, Saudi Arabia and the United Arab Emirates as full members. It also has 10 strategic partners including Belarus, Cuba and Vietnam.

The population of the “Brics+” countries accounts for 46 per cent of the world’s 8.2 billion population.

In 2024, the combined GDP of Brics+ countries measured by purchasing power parity accounted for 40.2 per cent, according to the International Monetary Fund, compared to 28.8 per cent for the G7 countries. 

For the first time, Chinese President Xi Jinping will not be attending, instead sending Prime Minister Li Qiang.

President Xi is said to be absent due to a scheduling conflict.

Russian Foreign Minister Sergey Lavrov arrived in Rio yesterday to lead Moscow’s delegation. Russian President Vladimir Putin will participate in the summit via video link.

Iranian President Masoud Pezeshkian and Egypt’s Abdel-Fattah el-Sissi will also be absent.

Despite the absences, the summit is important for attendees, especially in the context of instability provoked by US President Trump’s tariff wars, the illegal, unprovoked attack on Iran, the continuing genocide by Israel against the Palestinians in Gaza and the war in Ukraine.

Geopolitical analyst SL Kanthan said: “Brics members in Rio are likely celebrating one of the new member’s (Iran’s) spectacular victory against the imperialists.”

This year’s summit will be held under the motto “Strengthening Global South Co-operation for More Inclusive and Sustainable Governance.”

Summit host Lula will lead debates on artificial intelligence, climate change, and steps to reduce the influence of the US dollar on trade.

Ahead of the summit Lula said: “We need to create a new trade currency” to get rid of dependence on the US dollar.

But trade in their own, partner, or regional currencies is likely to remain Brics policy for now.

Last year’s summit in the Russian city of Kazan supported comprehensive reform of the United Nations and the Bretton Woods institutions. 

US analyst Professor Jeffrey Sachs said: “We already live in a post-American and a post-Western world. We’re in a world where the Brics countries are larger than the G7 countries.”

He added: “The US is a quarter of a century out of date.”