Rio de Janeiro hosts the first events of BRICS, a group of the world's largest emerging economies

This week, the city of Rio de Janeiro began hosting a series of meetings that will culminate in the Meeting of Foreign Ministers of the Brazilian Presidency of BRICS, on April 28 and 29. The Itamaraty Palace in Rio de Janeiro was the stage this Thursday (April 24) for a milestone in the history of the group of emerging economies.

For the first time since the group's creation, civil society representatives had a formal space to present proposals directly to the main negotiators of the member countries, during the group's second meeting of sherpas (negotiators from each country).

During the meeting, the role of the New Development Bank (NDB) was discussed. There was consensus among civil society representatives that the institution should take a leading role as the main financing agent for industrialization in the Global South. It was argued that, without a solid industrial base, it is not possible to combat poverty in a sustainable way or strengthen strategic areas such as family farming. The expectation is that the NDB will consolidate itself as a concrete alternative to the World Bank and the IMF, driving the development of emerging countries based on a more just logic and aligned with their realities.

The meeting is being organized by the Brazilian Presidency of BRICS, led by the Federal Government.

About the BRICS Summit in Rio de Janeiro
After successfully hosting the G20 Summit, Rio de Janeiro is consolidating its role as the capital of global diplomacy by hosting the BRICS Heads of State Summit on July 6 and 7 — a group that brings together some of the world’s largest emerging economies. It is estimated that the meeting will bring together around 4.000 participants from 40 international delegations, reinforcing the city’s leading role on the international stage.

About BRICS
BRICS is an international cooperation group formed by countries with large emerging economies. Since its creation in 2009, the bloc has expanded its global presence. In 2024, it will have ten member countries: Brazil, Russia, India, China, South Africa, Saudi Arabia, Egypt, Ethiopia, the United Arab Emirates and Iran. On January 1, 2025, Brazil assumed the rotating presidency of the group, with one of the main milestones of its management being the holding of the Summit in Rio de Janeiro.

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April 24th 2025

Appointments: World Bank Brics IMF G20 Itamaraty summit meeting