Brazilian leader in BRICS details priorities and rules out a common currency.

247 - Brazil has defined its main priorities for its BRICS presidency in 2025, focusing on health, climate change, trade, artificial intelligence and institutional strengthening. In a press conference this Friday (21), Ambassador Maurício Lyrio, BRICS sherpa for Brazil, highlighted the relevance of these issues for strengthening the group and denied rumors about the creation of a common currency. According to Lyrio, the bloc's objective is to reduce costs and expand economic cooperation through the use of local currencies, without moving towards the creation of a shared monetary unit.

The meeting with journalists precedes the BRICS Sherpas Meeting, which will take place on February 25th and 26th in Brasília, where priorities will be aligned until the Leaders' Summit, scheduled for July 6th and 7th in Rio de Janeiro. President Luiz Inácio Lula da Silva is expected to participate in the event on the 26th.

The BRICS, currently composed of Brazil, Russia, India, China, and South Africa, was expanded in 2024-2025 with the entry of Saudi Arabia, Egypt, the United Arab Emirates, Ethiopia, Indonesia, and Iran. With this expansion, the bloc represents 48,5% of the world's population and about 40% of global GDP in purchasing power parity. Furthermore, member countries are responsible for more than half of global economic growth, exceeding the global average of 2,5% to 3%.

Maurício Lyrio highlighted that BRICS not only strengthens developing countries but also boosts the global economy, including wealthy nations. He emphasized that the bloc is fundamental to Brazil's foreign trade, which totaled US$210 billion in 2023, with US$121 billion in exports and US$88,8 billion in imports. The positive trade balance with BRICS was US$33 billion, representing almost half of Brazil's total trade surplus.

Brazil's five priorities in BRICS

During the press conference, Lyrio detailed the main focuses of Brazil's BRICS presidency for 2025:

1. Cooperation in health Brazil intends to intensify collaboration in vaccine research and development, focusing on neglected and socially determined tropical diseases that primarily affect developing countries. The BRICS Tuberculosis Research Center will be one of the pillars of this initiative.
2. Climate change and financing – Given the unsatisfactory results of COP29, held in Azerbaijan, Brazil will seek to coordinate the BRICS countries to push for more climate financing at COP30, which will take place in Belém do Pará. According to Lyrio, the commitment of US$100 billion annually foreseen by the Paris Agreement has never been fully met, while the real needs exceed US$1,3 trillion per year.
3. Trade, investment and finance – The Brazilian presidency of BRICS will seek to reduce the costs of commercial and financial transactions between the group's members, promoting the use of local currencies. Furthermore, the BRICS Partnership for the New Industrial Revolution (PartNIR) will be continued, aiming at the diversification and modernization of the industrial base of the bloc's countries.
4. Governance of artificial intelligence Brazil will advocate for the creation of a global framework to regulate artificial intelligence, with the UN at the center of the discussions. The intention is to guarantee inclusive technological development, mitigating challenges such as the spread of misinformation and the impacts on employment.
5. Institutional strengthening of BRICS – With the expansion of the group to 11 members and the creation of a category of partner countries, Brazil will seek to consolidate the bloc's structure, including revising the rules for the rotating presidency and the terms of reference.

With no common currency, the focus is on the use of local currencies.

One of the most debated points at the press conference was speculation about the creation of a common BRICS currency. Lyrio was categorical in stating that this proposal is not under discussion.

"The BRICS currency is not a topic that is being discussed." The ambassador stated that the focus is on facilitating trade between member countries through the use of local currencies and on implementing cross-border payment systems between central banks.

"What is being discussed are ways to reduce the costs of commercial and financial operations between the BRICS countries.""Lyrio explained, dismissing any possibility of immediate progress towards the creation of a single currency."

Institutional strengthening and challenges of expansion

With the recent expansion of BRICS, which went from five to 11 members, Lyrio reinforced the importance of consolidating its institutional structure. The entry of new countries requires adjustments, such as defining the order of the rotating presidency and revising the bloc's terms of reference.

"There are institutional challenges that need to be resolved."The ambassador stated, also mentioning the need to integrate the new members into the group's financial mechanisms, such as the New Development Bank (NDB).

Finally, Lyrio emphasized that Brazil's presidency of BRICS will be marked by an ambitious agenda focused on practical results in the economy, trade, and climate governance. With the expansion of the group and global challenges in areas such as technology and the environment, BRICS is consolidating itself as one of the main players on the international stage, with Brazil playing a strategic leadership role.