The formation of a new common currency and the de-dollarization agenda were the main goals of BRICS. However, both agendas were omitted at the 2025 summit with world leaders barely touching upon the subjects. The 17th summit was held in Rio de Janeiro on Sunday and Monday with China’s Xi Jinping and Russia’s Vladimir Putin skipping the 2-day event.
India’s Prime Minister Narendra Modi and Brazil’s President Lula da Silva led the BRICS summit without mentioning de-dollarization and the new currency. The two main policies were omitted from the event despite making it a huge talking point during the previous summits. The development indicates that the bloc is not serious about the issues and is only beating around the bush.
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2025 Summit: BRICS Failed To Mention the Launch of a New Currency & De-Dollarization
The BRICS 2025 summit saw no new major policies take shape with little to no effect on global trade. This signifies that BRICS leaders, without the Russian and Chinese Presidents don’t care about de-dollarization and the new common currency. However, they openly expressed their distrust of the US and Western policies that don’t provide the Global South a chance. They also hit out at the IMF and the World Bank for not providing appropriate funds for their economic development.
They labelled the two financial powerhouses as biased to the US and other Western nations while ignoring the Global South region. There is truth in their accusations as both the powerhouses operate under the reign of the US dollar. Despite the discomfort, BRICS stopped themselves from mentioning de-dollarization and did not mention anything about the formation of a new common currency.
Leaders only discussed settling trade in local currencies among interested member nations. De-dollarization and the formation of a new currency were kept in the back seat at the 2025 summit. There is no guarantee that the alliance has rejected the two agendas and could take them up in the future.