At the opening of the 17th BRICS Summit this Sunday, July 7, in Rio de Janeiro, Putin emphasized that the BRICS countries represent a third of the Earth's surface, almost half of the world's population, and "40% of the global economy." He also noted that 90% of transfers between Russia and the other BRICS countries are made in national currencies, rather than the dollar.

"And total GDP in purchasing power parity terms has already reached $77 trillion, according to the IMF. In fact, in this indicator, the BRICS significantly surpass other blocs, including the G7, which has $57 trillion," he said.

"The shift in the global economic order continues to gain momentum. We are all witnessing that the liberal globalization model has become obsolete," he stated.

As a result, he added, “the focus of business activity is shifting to developing markets, which is driving a major wave of growth, including in the BRICS countries.”

Putin also welcomed Brazil's support for the Russian presidency's initiative to create a grain exchange, as the BRICS represent 44% of global grain production.

Brazilian President Lula da Silva welcomed BRICS leaders to Rio de Janeiro today for the group's annual summit, marked by the absence of presidents such as Russia's Vladimir Putin and China's Xi Jinping. Among the leaders present were Ethiopia's Abiy Ahmed; India's Narendra Modi, who was the second to arrive; and Indonesia's Prabowo Subianto.

Also present are the President of Angola and the African Union, João Lourenço, the Secretary-General of the United Nations, António Guterres, among the approximately 30 countries represented and a dozen international organizations.

One of the main absences at the summit is Putin, who declined Lula da Silva's invitation, not wanting to harm Brazil with his presence, as he has an international arrest warrant issued by the International Criminal Court for alleged crimes committed during the war in Ukraine, and will therefore be represented by Foreign Minister Sergei Lavrov.

More surprising is the absence of China's Xi Jinping, who has been a regular participant in previous summits, and will be replaced by Premier Li Qiang.

Lula's Speech

In his opening speech, Brazilian President Luiz Inácio Lula da Silva analyzed the crisis panorama of multilateralism, with the emergence of multiple conflicts and their effects on countries' autonomy, security, and economies.

"The UN turned 80 on June 26th and we have witnessed an unparalleled collapse of multilateralism," Lula da Silva said before representatives of around 30 countries and a dozen international organizations participating in the XVII Summit of Heads of State and Government of the BRICS.

"With multilateralism under attack, our autonomy is once again under threat," he said, referring to advances made, such as climate and trade agreements, which "are under threat."

"International law has become a dead letter, along with the peaceful resolution of disputes," at a time when the world is experiencing an "unprecedented number of conflicts since the Second World War," criticized the head of state of Brazil, the country that on January 1 held the presidency of the group of emerging economies.

In the plenary session “Peace and Security and Reform of Global Governance,” Lula was emphatic in arguing that countries need to abandon military spending and invest in implementing the United Nations 2030 Agenda, not in wars.

"It's easier to allocate 5% of GDP to military spending than to allocate the promised 0,7% to Official Development Assistance. This shows that the resources to implement the 2030 Agenda exist, but are unavailable due to a lack of political priority. It's always easier to invest in war than in peace," said the Brazilian president.

Lula highlighted the role of the BRICS founding countries in creating a "new multipolar reality for the 21st century." While advocating for reform of global governance, he emphasized the group's ability, based on its own circumstances, to become "a force capable of promoting peace and preventing and mediating conflicts."

"We can lay the foundations for a reinvigorated governance. To overcome the crisis of confidence we face, we need to profoundly transform the Security Council. Make it more legitimate, representative, effective, and democratic," Lula argued.

Lula da Silva also harshly criticized the UN Security Council, which “lately is not even consulted before the start of military actions” and whose meetings only lead to further “loss of credibility and paralysis.”

"To overcome the crisis of confidence we face, we need to profoundly transform the Security Council," he said, adding that this reform is essential to "guarantee the very survival of the UN."

What's Left to Happen

Today, the BRICS heads of state and government have two plenary sessions scheduled, the first on "Peace and Security and Global Governance Reform" and the second on "Strengthening Multilateralism, Economic and Financial Affairs and Artificial Intelligence."

The latter will discuss the review of shareholdings in the World Bank, the realignment of IMF quotas, the increase in the representation of developing countries in leadership positions in international financial institutions, and the importance of reforming the UN Security Council.

Furthermore, as has been the case during BRICS ministerial meetings over the past few months, the increase in unjustified unilateral protectionist measures should be denounced, in reference to the measures announced by US President Donald Trump; and a call should be made to increase the use of local currencies in trade between the countries of the bloc.

On the last day, Monday, the plenary session will be on “Environment, COP30 and Global Health”.

The BRICS group was initially formed by Brazil, Russia, India, China, and South Africa and, since last year, has six new full members: Egypt, Iran, the United Arab Emirates, Ethiopia, Saudi Arabia, and Indonesia. These are joined as associate members by Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, and Vietnam.