Haddad refines proposals in the area of Economy and Finance with ministers from BRICS countries.
The Finance Minister met with Finance Ministers and Central Bank Governors from the BRICS countries.
247 - Finance Minister Fernando Haddad met with his counterparts from China and Russia in the context of preparations for the 1st BRICS Financial Ministers and Central Bank Governors Meeting (FMCBG) and the 10th Annual Meeting of the Board of Governors of the New Development Bank (NDB), which will take place between July 4 and 5 in Rio de Janeiro.
In a meeting with the Chinese Finance Minister, Lan Fo'an, the two ministers discussed the state of economic and financial relations between the two countries, as well as the international situation. Both highlighted the importance of elevating the bilateral partnership to a strategic level and agreed to sign a Memorandum of Financial Cooperation to strengthen dialogue and financial cooperation at both the bilateral and multilateral levels.
During the meeting, they also discussed Brazil's rotating presidency of BRICS in 2025 and the 30th United Nations Climate Change Conference (COP30). The ministers reaffirmed the commitment of both countries to tackling climate change, highlighting discussions related to the Tropical Forest Forever Fund (TFFF). They also reflected on the importance of the NDB and highlighted the leadership of President Dilma Rousseff, recently reappointed as president of the institution.
In a meeting with the Russian Finance Minister, Anton Siluanov, the state of the global economy and progress under Brazil's BRICS presidency were discussed. Minister Haddad reiterated Brazil's historical commitment to multilateralism and engagement with all regions of the world.
On the bilateral level, both countries agreed on the need to explore opportunities for bilateral and multilateral cooperation, exchange of experiences and best practices. As a result, a Memorandum of Understanding was signed to establish economic and financial dialogue, at a technical level, between the two countries, similar to other mechanisms with other relevant partners.
In the coming days, as host of the BRICS finance and NDB meetings, Minister Fernando Haddad will continue the bilateral agenda, with scheduled meetings with his counterparts from India, Egypt, and the United Arab Emirates.
More Details
BRICS is structured around three pillars of cooperation: Politics and Security, Economy and Finance, and Cultural and Civil Society Exchange.
- Member countries
- South Africa
- Saudi Arabia
- Brazil
- China
- Russia
- India
- Egypt
- Emirados Arabes Unidos
- Ethiopia
- Indonesia
- Iran
- Partner countries
The BRICS group has the following partner countries:
- Belarus
- Bolívia
- Kazakhstan
- Cuba
- Malasia
- Niga © ria
- Thailand
- Uganda
- Uzbequistan
Economic statistics
The BRICS' share of global GDP (in PPP, at current prices) increased to approximately 39% in 2023. In 2024, the IMF projected that all BRICS countries experienced positive economic growth, with rates ranging from 1,1% to 6,1%. In international trade, the BRICS countries account for 24% of total world trade.
Brazil's trade flow with the BRICS totaled USD 210 billion, representing 35% of the total in 2024. BRICS was the destination for USD 121 billion of Brazilian exports, representing 36% of the total exported by Brazil in 2024, according to ComexVis.
The BRICS countries accounted for USD 88 billion of Brazilian imports, representing 34% of Brazil's total imports in 2024, and 48,5% of the world's population.
In territorial terms, BRICS represents approximately 36% of the total. Approximately 72% of the world's rare earth mineral reserves and 43,6% of global oil production, according to the International Energy Agency. Statistics also indicated that the alliance accounts for 36% of global natural gas production and 78,2% of global coal production.
Brazilian Presidency
Brazil assumed the presidency of BRICS in January 2025, a rotating position lasting one year.
Guided by the motto "Strengthening Cooperation in the Global South for More Inclusive and Sustainable Governance," the Brazilian BRICS Presidency in 2025 will focus on two priorities: (i) Cooperation in the Global South and (ii) BRICS Partnerships for Social, Economic and Environmental Development. Within these priorities, Brazil proposes to concentrate political attention on six key areas:
A - Cooperation in Global Health: encourage concrete cooperation projects among BRICS nations to promote sustainable and inclusive development in various sectors, particularly in health, to ensure access to medicines and vaccines; launch the BRICS Partnership for the Elimination of Socially Determined Diseases and Neglected Tropical Diseases;
B – Trade, Investment and Finance: consider governance and reform of financial markets, local currencies, and payment instruments and platforms as a means of increasing and diversifying trade, financial and investment flows; advance the Partnership for the New Industrial Revolution and adopt the 2030 Strategy for the BRICS Economic Partnership;
C - Climate Change: adopt a BRICS Climate Leadership Agenda, including a Leaders' Framework Declaration on Climate Finance aimed at guiding structural change in the financial sector;
D – Governance of Artificial Intelligence: promote inclusive and responsible international governance of artificial intelligence in order to unlock the potential of this technology for social, economic and environmental development;
E – Multilateral Peace and Security Architecture: promote a comprehensive reform of the multilateral peace and security architecture in order to ensure effective action in addressing conflicts, avoid humanitarian catastrophes and prevent the outbreak of new crises; rebuild mutual trust and understanding, resume diplomacy and promote peaceful solutions to conflicts and disputes;
F - Institutional Development: improving the structure and cohesion of BRICS.
Check out the thematic areas of BRICS:
- Politics and Security
In the political and security sphere, the Brazilian presidency of BRICS will focus on promoting multilateralism – including reform of the UN Security Council; addressing and preventing conflicts and humanitarian disasters; and strengthening cooperation to combat terrorism and corruption.
The work agenda will include discussions on increasing the capacity to act against terrorism and capacity building to contain the violent extremism that leads to terrorism, a multifaceted problem that requires the sharing of best practices.
Regarding the fight against corruption, the idea is to promote debate about the challenges related to corruption and asset recovery, as well as the relationship between anti-corruption and sustainable development; the efficiency of instruments for asset recovery; integrity in the public and private sectors to improve governance; and the use and sharing of best practices in the use of Artificial Intelligence to combat corruption and promote greater accountability, transparency, and monitoring in matters associated with anti-corruption.
- Finance, Economics and Trade
The area of Finance, Economics and Trade encompasses, on the one hand, various actions and initiatives for cooperation among the BRICS countries and, on the other hand, coordination to increase the representation of member countries, and the Global South more broadly, in the world economic order. The group originated from the desire to ensure that the participation of large emerging economies in international financial institutions reflected their relative weight in the global economy. BRICS also seeks to strengthen the multilateral trading system, with special attention to the needs of developing countries.
One of the major challenges is to increase intra-BRICS trade and investment flows, with a view to a more balanced integration of member countries into the global economy. To this end, the Brazilian presidency has prioritized several issues aimed at facilitating economic transactions between the bloc's countries, such as the use of local currencies, the development of international payment platforms, cooperation in government procurement, and the promotion of trade facilitation measures, among others.
Also in the financial area, the Brazilian presidency will work towards cooperation in sustainable finance, with a view to expanding financing channels for the energy and climate transitions in member countries. The pursuit of convergences in sustainable taxonomies and innovative financial mechanisms are key points on this agenda.
In the economic sphere, since 2021, BRICS has had the Partnership for the New Industrial Revolution (PartNIR), through which initiatives will be developed for the digital transformation of industry, the promotion of the bioindustry, and support for greater participation of small and medium-sized enterprises in international trade. The Brazilian presidency will also dedicate special attention to the adoption of the 2030 Strategy for the BRICS Economic Partnership.
- Sustainable Development and Climate Change
Within the framework of Sustainable Development and Climate Change, the Brazilian presidency of BRICS will seek to promote debates that contribute to the participation of BRICS countries in COP30 (United Nations Climate Change Conference), especially regarding climate finance. We will seek to develop initiatives against the backdrop of the pressing need to intensify global efforts to contain global warming to the critical limit of 1,5°C above pre-industrial levels.
In addition to the climate and environment agenda, the Brazilian presidency will continue activities related to natural disaster management, focusing on strengthening community resilience through capacity building and resilient infrastructure. Similarly, special attention will be given to efforts towards the energy transition, based on updating the group's work plan for energy cooperation and discussing new sustainable fuels.
Discussions on infrastructure will be framed by efforts to contain climate change, including topics such as sustainable and resilient infrastructure, community-based early warning systems (CBEWS), decarbonization of ports and maritime transport, development of sustainable aviation fuels (SAF), international logistics, air connectivity, and sustainable urban mobility.
- Science, Technology and Innovation
In the field of Science, Technology and Innovation (STI), the Brazilian presidency will highlight Artificial Intelligence (AI) in its various facets, from governance to more technical aspects related to this new technology. Cooperation in STI will be guided by the pursuit of guarantees that technological advances, especially in the field of AI, benefit all countries equitably, particularly developing countries, while upholding respect for human rights, the protection of personal data, and the integrity of information.
The Brazilian presidency is committed to strengthening dialogue to explore the potential of Information and Communication Technologies (ICTs), addressing issues such as disinformation, digital security, and inequality in access to technologies. Practical initiatives, such as the creation of collaborative networks between cybersecurity agencies and academic exchange, will seek to strengthen security in the use of ICTs and allow countries to move forward in a coordinated manner.
Promoting industrial innovation is another priority for the Brazilian presidency, focusing on strengthening collaboration between universities, companies, and technology parks, as well as strategies for technology transfer. Another crucial point will be cooperation regarding the exploration and peaceful use of space, promoting collaboration between space agencies, private companies, and other sectors.
- Human and Social Development
Within the framework of Human and Social Development, BRICS cooperation will encompass various initiatives aimed at promoting equality, justice, and social inclusion, seeking to strengthen the fight against global inequalities and reinforce the call for collective action. Areas of particular emphasis are health, education, youth, women, tourism, sport, and culture.
A fundamental pillar of sustainable human and social development, health cooperation among BRICS countries will prioritize the promotion of health equity, especially in access to treatments, diagnostics and vaccines, and in the development of emerging health technologies.
With the aim of building inclusive capacities and structures, fundamental for the promotion and achievement of universal health coverage, topics such as the following will be addressed: infrastructure for specialized care in remote regions; elimination of socially determined diseases and infections; strengthening the BRICS Public Health Institutes; collaboration in combating public health emergencies and disasters; strengthening the BRICS Vaccine Research and Development Center; and sharing best practices on artificial intelligence and data governance applied to health.
In a unique position to lead by example, promoting equity, resilience and innovation, the BRICS countries will address cooperation in education through discussion and knowledge sharing on the ethical use of artificial intelligence, harmonization of assessment systems and mutual recognition of qualifications, as well as initiatives in technical and vocational education.
The Brazilian presidency's agenda includes activities focused on youth, who are recognized as key players in human development and fundamental to building a more inclusive and sustainable future. BRICS will also concentrate on promoting policies for women, highlighting the importance of international coordination to implement programs that support women's economic empowerment.
Important drivers of human, social, and economic development, sport, tourism, and culture will play a crucial role in strengthening cooperation and cultural exchange among the BRICS countries. Sporting competitions, as cultural practices, contribute significantly to the promotion of peace, sustainable development, and inclusive growth. Tourism, in turn, is widely recognized as a pillar of the global economy, contributing significantly to economic growth and job creation. Finally, the cultural and creative industries are drivers of economic growth and social inclusion, playing a strategic role in fostering innovation, creating skilled jobs, and promoting sustainable development.
- Social Pillar - People to People (P2P)
The “People to People” (P2P) Cooperation seeks to strengthen social and cultural ties among BRICS member countries, promoting inclusion, dialogue, and mutual understanding. This initiative brings together strategic forums and councils: the Youth Council, the Parliamentary Forum, the Association of Municipalities, the Business Council, the Women's Business Alliance, the Council of Think Tanks, the Academic Forum, and the Civil Forum. Its objectives are based on aligning priorities and integrating civil society contributions into the policies discussed within BRICS, reinforcing the group's commitment to sustainable development and cooperation among peoples.
The events and activities to be developed in the various forums and councils of the People-to-People pillar will be announced on the official website of the Brazilian presidency of BRICS, in order to facilitate the engagement of civil society.
Reinforcing the role of BRICS in building a more inclusive global governance, P2P cooperation values the diversity and social contributions of its members. By leading this agenda, the Brazilian presidency reaffirms its commitment to cooperation in the Global South, promoting preparatory meetings, dialogue platforms, and concrete actions that consolidate the participation of all in building joint solutions to global challenges.
