Overview

• The BRICS-11 summit is set for July 6–7 in Rio de Janeiro, with leaders from Russia, China, Saudi Arabia, the UAE, Iran, Egypt and Indonesia joining the original five members.
• Delegates will discuss reforming the IMF and WTO, extending BRICS membership and exploring the use of national currencies for trade settlements.
• External Affairs Minister S. Jaishankar has reiterated that India has no policy to replace the dollar and that there is no unified BRICS position on de-dollarization.
• Commerce Secretary Howard Lutnick criticised India’s BRICS membership for ‘rubbing the US the wrong way’ and warned against any shift away from dollar hegemony.
• Any meeting between Modi and President Xi Jinping will be closely watched after China’s support for Pakistan during recent cross-border tensions.