1. 16th BRICS Summit in Kazan Adopts Declaration on Multilateralism and Local Currency Trade
- First summit following the historic 2024 expansion that brought Egypt, Ethiopia, Iran, and UAE into the BRICS fold.
- Kazan Declaration supports the creation of a "BRICS Partner Country" category for aspiring nations.
- Reiterates commitment to cross-border settlement in national currencies (BRICS Cross-Border Payment Initiative) to reduce dollar dependency.
- Welcomes the establishment of the BRICS Grain Exchange initiative proposed by Russia.
BRICS was originally coined by Jim OโNeill in 2001 (as BRIC). South Africa joined in 2010. New Development Bank (NDB) is headquartered in Shanghai, China.
Argentina was invited to join BRICS in 2024 but formally withdrew under President Javier Milei. Saudi Arabia has participated in meetings but hasnโt formally deposited ratification instruments.