BRICS leaders call for reform of global institutions

Leaders of the BRICS countries pose for a group photo at the BRICS summit in Rio de Janeiro, Brazil. (Photo: THX/VNA)

Within the framework of the BRICS summit in Brazil on July 6th, the leaders of the participating countries issued a joint statement calling for reforms in global institutions and expressing support for multilateral diplomacy amidst ongoing conflicts and trade tensions.

The joint statement warned that increased tariffs would threaten global trade, alluding to the tariff policies of US President Donald Trump.

In addition, BRICS leaders expressed support for Ethiopia and Iran joining the World Trade Organization (WTO), and urgently called for the restoration of the multilateral organization's ability to resolve trade disputes.

The joint statement also supported a pilot program for a guarantee mechanism sponsored by the New Development Bank (NDB) to reduce financing costs and promote investment in member countries.

In a separate statement following discussions on artificial intelligence (AI), leaders called for safeguards to prevent the unauthorized use of AI to avoid excessive collection of personal data, while also enabling the establishment of fair payment mechanisms.

Brazilian President Lula da Silva presides over the high-level discussion session "Strengthening Multilateralism, Economic and Financial Issues, and Artificial Intelligence." (Photo: Duong Giang/VNA)

According to the Vietnam News Agency correspondent in the Americas, in a speech at the conference, the President of host country Brazil, Luiz Inácio Lula da Silva, frankly criticized the neoliberal economic model and called for strict regulation of AI to prevent the risk of this technology being turned into a tool for manipulation by the super-rich.

President Lula da Silva emphasized that the neoliberal model is increasingly deepening global inequality. He cited figures showing that in the past decade alone, approximately 3,000 billionaires worldwide have amassed more than $6.5 trillion, while international aid flows have declined and the debt burden of developing countries has increased.

The Brazilian leader also expressed concern about the role of global financial institutions such as the World Bank (WB) and the International Monetary Fund (IMF). He argued that the current mechanisms are creating an "inverted Marshall Plan," where emerging economies are essentially financing developed countries.

President Lula da Silva criticized the injustices at the IMF, emphasizing that the voting rights of BRICS countries should have been at least 25%, instead of just 18% as they currently are.

Regarding the World Trade Organization (WTO), he called for urgent reforms, arguing that the WTO's paralysis and tolerance of protectionism are creating serious disadvantages for developing countries.

Brazilian President Lula da Silva presides over the high-level discussion session "Strengthening Multilateralism, Economic and Financial Issues, and Artificial Intelligence." (Photo: Duong Giang/VNA)

Referring to AI, President Lula da Silva warned that the technology cannot become "the privilege of a few countries" or "a tool of manipulation in the hands of billionaires."

He called for the establishment of a global governance framework for AI that is fair, inclusive, and protects national sovereignty. He shared that BRICS is promoting faster, more cost-effective, and secure cross-border payment systems to support trade.

For his part, speaking via video link, Russian President Vladimir Putin stated that the liberal model of globalization is gradually becoming outdated.

Putin called on BRICS countries to strengthen cooperation in various fields, including natural resources, logistics, trade, and finance.

Meanwhile, Chinese Premier Li Qiang argued that BRICS countries should take the lead in promoting global governance reform, given that the world is witnessing unprecedented rapid changes in a century, international rules and order are being seriously challenged, and the authority and effectiveness of multilateral institutions continue to weaken.

According to Li Qiang, BRICS countries should also focus on developing and strengthening economic growth drivers, actively taking the lead in development cooperation and exploiting the growth potential of emerging sectors.

Indian Prime Minister Narendra Modi speaks at the 17th BRICS Summit in Rio de Janeiro, Brazil, on July 6, 2025. (Photo: ANI/VNA)

Indian Prime Minister Narendra Modi also stressed that BRICS needs to continue demanding reforms to international institutions, particularly the UN Security Council, the WTO, and multilateral development banks.

According to Modi, more than 60% of the world's population is currently underrepresented in global institutions formed in the 20th century, leaving these institutions inadequate to address the challenges of the 21st century.

He called for building a more inclusive, multipolar world order, starting with profound reforms to global institutions, including changes to governance structures, voting rights, and leadership roles, while prioritizing the issues of developing countries. He also invited BRICS leaders to attend the next summit in India in 2026.

Currently, BRICS comprises 10 official members and numerous partners, accounting for nearly 40% of global GDP and almost half of the world's population.

The BRICS Summit 2025 took place from July 6-7 in Rio de Janeiro, with the theme "Strengthening Southern Hemisphere Cooperation for More Inclusive and Sustainable Governance".

(VNA/Vietnam+)

Source: https://www.vietnamplus.vn/lanh-dao-cac-nuoc-brics-keu-goi-cai-cach-cac-the-che-toan-cau-post1048304.vnp