 Leaders of BRICS member countries gather in Rio de Janeiro, Brazil, on July 6, 2025. (Photo: Reuters) |
The statement warned the rise in tariffs threatens global trade, while calling to urgently restore the World Trade Organization’s ability to resolve trade disputes.
The leaders' joint statement backed plans to pilot a BRICS Multilateral Guarantees initiative within the group's New Development Bank to lower financing costs and boost investment in member states.
BRICS with 10 official members and partners represent more than half the world's population and 40% of global GDP.
Themed "Strengthening Global South Cooperation for a More Inclusive and Sustainable Governance,” BRICS Summit 2025 has been taking place from Sunday to Monday in Rio de Janeiro, Brazil.