Sovereignty and Solidarity: BRICS and the Global South’s New Agenda
- BRICS called for a fairer global governance system by upholding international law, reforming institutions like the IMF and World Bank, and ending Western double standards.
- A major focus was on de-dollarisation, promoting alternative payment systems like China’s CIPS and Russia’s SPFS to reduce dependence on the dollar.
- Emphasis was placed on food and climate security, with investments in sustainable agriculture and energy to strengthen Global South resilience.
Strengthening Global South cooperation was at the heart of the BRICS meeting held on July 6, 2025, in Rio de Janeiro, Brazil. The gathering can be summarised in four broad areas: respect for international law and the UN Human Rights Charter; the push for alternative currencies and payment systems, alongside infrastructure and technology sharing; tackling food and climate security; and, finally, the urgent call to reform institutions such as the IMF and World Bank.
At the core of the discussions was a clear demand for a more inclusive and sustainable global governance system. The first point the leaders emphasised was the need to uphold the international law and the UN Human Rights Charter, which are supposed to protect the sovereignty and dignity of all nations, especially those in the Global South. This becomes particularly significant when we see how selective some powerful countries have been in applying these laws, often using them as tools to justify interventions, sanctions, and other coercive measures. BRICS, by contrast, is calling for these norms to be applied fairly, without discrimination and double standards.
In Rio, the idea of a BRICS-wide payment system was seriously discussed, which could mean that, if not immediately, then soon, we might see a real alternative to the dollar-dominated financial system. Historically, the international reserve currency has been a key pillar of global hegemony.
The second and perhaps most significant aspect was the effort to free the Global South from the coercive force of the dollar. This is not something that emerged overnight. It is largely a response to the way the dollar has been weaponised against countries like Russia and Iran. Russia, after being cut off from the global financial system following the Ukraine crisis, has been leading calls to build a pan-BRICS cross-border payment system. Meanwhile, China already has its Cross-Border Interbank Payment System (CIPS), which now serves over 3,000 financial institutions in more than 110 countries. Through CIPS, China trades in its local currency, the renminbi, bypassing the dollar and avoiding US pressure. Russia has also built its System for Transfer of Financial Messages, which it uses to trade with countries like India and Iran. Currently, about 95% of trade between China and Russia takes place in local currencies, showing just how far alternatives have come.
In Rio, the idea of a BRICS-wide payment system was seriously discussed, which could mean that, if not immediately, then soon, we might see a real alternative to the dollar-dominated financial system. Historically, the international reserve currency has been a key pillar of global hegemony. So, building alternatives is not about confrontation for the sake of it—it is about survival, fairness, and sovereignty. This push also goes hand in hand with the BRICS New Development Bank, which is financing infrastructure and technology-sharing projects across the Global South, making it less dependent on Western institutions and their often politicised conditions.
The third point discussed was food and climate security, issues that affect the Global South disproportionately. Climate change has made food systems vulnerable, and extreme weather has pushed millions into poverty. BRICS leaders talked about investing in climate-resilient agriculture, renewable energy, and creating regional grain reserves. The goal is not only to adapt to climate change but also to build an economic model that is both sustainable and locally driven. The message was clear: if the Global South doesn’t take care of its own needs, no one else truly will.
Some critics say that these efforts by BRICS are divisive or isolationist. But if we look closely, the rise of alternatives like CIPS and Russia’s payment system is less about turning away from the world and more about defending against a system that has been used as a tool of pressure.
Lastly, the call for reforming institutions like the World Bank and the IMF was louder than ever. These institutions were established at a time when most BRICS nations were poor and politically weak. Today, that world no longer exists. Since the start of this century, BRICS countries have seen their economies grow exponentially, while the G7 economies have relatively declined. In fact, after the 2008 financial crisis, BRICS surpassed the G7 in GDP measured by purchasing power parity. They are no longer just catching up—they are leading in technology, industry, and trade. Yet, the IMF and World Bank voting rights and leadership structures still reflect a reality frozen in the past. Reform is not about rejecting global cooperation, but about updating it to reflect the world as it is today, not as it was in 1944.
Some critics say that these efforts by BRICS are divisive or isolationist. But if we look closely, the rise of alternatives like CIPS and Russia’s payment system is less about turning away from the world and more about defending against a system that has been used as a tool of pressure. The dollar was turned into a weapon, sanctions were used to punish political choices, and unilateral policies were imposed—whether it was supporting Israel at the expense of Palestinian rights, bombing Iran, or sanctioning Russia and Iran simply for not following Washington’s line. President Trump even openly threatened “un-American” BRICS countries with an extra 10% tariff, which shows just how threatened the US feels by the rising power of BRICS.
The truth is, BRICS isn’t rejecting international cooperation. It is trying to build a fairer, multipolar system where the Global South can speak and act freely without being punished. The meeting in Rio showed that the Global South is no longer content to remain silent spectators in a game dominated by a few. Instead, they want to shape a new global system where respect, equality, and shared development are more than just slogans. And by doing so, they aren’t breaking the system—they are trying to make it fair for everyone.
Shamaim Ali
The author holds a Master’s degree in International Relations from the National Defence University, Islamabad, and has a keen interest in U.S. foreign policy and Lacan’s Theory of the Four Discourses.
