#brics

#brics

Jim O'Neill, the economist who coined the term BRIC' 25 years ago, argues that the group is losing its relevance. At its peak, the BRICS coalition of economies Brazil, Russia, India, China and South Africa was seen as a serious attempt to move away from the United States dollar and the domination of Western economic institutions like the World Bank, Group of Seven (G7), and International Monetary Fund (IMF).

Brazil's President Luiz Inacio Lula da Silva was given the red carpet treatment on arrival in New Delhi on Wednesday, as he heads to the AI Impact Summit 2026. Lula is traveling with more than a dozen ministers and a large business delegation including CEOs of leading Brazilian companies, as he seeks to intensify trade ties with the world's most populous country.

NATO Secretary-General Mark Rutte urged China, Brazil, and India to pressure Russia regarding the Ukraine conflict, warning about potential severe consequences from US tariffs if they don’t act.

Nigerian Foreign Affairs Minister Yusuf Tuggar stated that Nigeria will not yield to US pressure to accept deported Venezuelans, emphasizing that the country has enough issues to manage. Tuggar asserted, "The issue of accepting Venezuelan deportees, honestly, I don't think is something that Nigeria is in a position to work with," reflecting the complexities faced by Nigeria amid external demands.

The bilateral relationship between India and Brazil has enormous growth potential, with current trade exchange at just $12 billion despite 80 years of diplomatic relations.

The bloc of nations has expanded and aims to reform what it calls a Western-led global order. The 17th BRICS summit is being held in Brazil, again aiming to balance Western economic power and political dominance.

The BRICS bloc has rebuked the US and Israel for their actions in Iran, labeling them as violations of international law while supporting Palestinian statehood.