The next, 17th summit, if all goes well, is scheduled for July 6 and 7, 2025 in Rio de Janeiro, Brazil. Then the leaders of Brazil, Russia, India, China and South Africa will come together to seal their shared ambition of breaking the traditional Western dominance in the world economy and global politics. Although the BRICS countries together represent nearly 40 percent of the world's population, so far they contribute only a quarter of the world's economic output, a skew they want to correct.
The origins of BRICS date back to 2009, when the four initiators first discussed the fairness of international institutions such as the IMF and the World Bank. A year later, South Africa joined, then in 2014 the group created the New Development Bank as a counterpart to the World Bank. That bank now lends more than $33 billion, remaining modest compared to the $50 billion the World Bank lent last year alone. Still, the New Development Bank symbolizes an alternative financial playing field, one in which developing countries are less hampered by strict conditionality and have more room to invest in poverty reduction and building a stable middle class.
The latest summit again discussed the introduction of its own BRICS currency to reduce dependence on the U.S. dollar in trade arrangements. Although that plan did not yet find a majority, agreement was reached on expanding the club. Officially, 22 countries have applied for membership, and a total of 40 would like to join. Candidates like Saudi Arabia and Iran at the same time illustrate the complexity: they are on the wish list but are not themselves allies. A broader group strengthens the position against the West, but also increases internal contradictions.
These contradictions are palpable. President Lula of Brazil sees in having its own currency a way to increase political and economic independence, while also being aware of its enormous trade interests with the U.S. and the EU. Russia, on the other hand, wants as much expansion as possible to restore its geopolitical influence after Western sanctions. India clings strongly to its ties with Washington and views close relations with China, the largest economic power within BRICS, with suspicion. And South Africa, as the only African representative, seeks mainly African allies, but struggles with economic challenges of its own.
For Suriname, the dynamics within BRICS offer valuable insights. First, the summit underscores the importance of diversifying economic and diplomatic partners. Suriname can explore emerging markets in addition to traditional relations with the Netherlands and the U.S.. In addition, the building of alternative credit channels by BRICS shows that it pays to develop own sources of financing, for example through regional development banks or customized bilateral cooperation. What is important here is an unambiguous long-term strategy because political changes should not lead to changes of course that worry investors and partners.
Ultimately, the latest BRICS summit teaches that the world power balance is shifting. For Suriname, this is the time to open up new economic trade routes while maintaining sovereignty and consistency in policy. By broadening partnerships, leveraging alternative financing options and taking a clear long-term view, our country can stand strong in a world where the West no longer just writes the rules.
