Overview

• BRICS foreign ministers convened in Rio de Janeiro to address U.S. President Donald Trump's tariff hikes and defend multilateral trade systems.
• The group is finalizing a declaration that condemns unilateral trade measures and reaffirms support for multilateral negotiations.
• Members are advancing plans to increase the use of national currencies in intra-group trade, while shelving discussions on a unified BRICS currency as premature.
• The ministers are also coordinating a shared climate finance strategy ahead of Brazil's COP30 presidency in November, emphasizing the responsibility of wealthier nations to fund global adaptation and mitigation efforts.
• The expanded BRICS bloc, now including six new members, represents nearly half of the global population and 39% of global GDP, underscoring its growing influence on global economic and environmental issues.