The recent BRICS Foreign Ministers' Meeting in Rio de Janeiro this April marked an important moment for the bloc’s expanding ambitions, but also exposed the limits of consensus in a more crowded room. While the talks produced alignment on some fronts, they left others conspicuously unresolved, highlighting the challenges that lie ahead before July’s leaders’ summit, also set to take place in Brazil.

Since its inception in 2009, BRICS has grown significantly in scope and influence. The Rio meeting, involving ten full members and 13 “partner countries,” highlighted both the bloc’s increasing geopolitical weight and the diplomatic complexities that come with expansion.

As expected, the expanded member country group led to longer and more complex discussions. Not every proposal during the meeting garnered unanimous support from all participants.

Nevertheless, consensus was achieved on two agenda items.

The central focus of the meeting was the new trade barriers established by the US Trump administration. Importantly, every participating country collectively condemned American “trade protectionism,” a phrase diplomatically used to avoid direct criticism of President Donald Trump, even though his policies were clearly the target.

Brazilian Foreign Minister and current BRICS Chairman Mauro Vieira highlighted the bloc’s “strong opposition” to protectionist measures. He underscored the “absolute consensus” on “trade conflicts and tariffs." Brazil's statement reflected the group's foreign ministers expressing "serious concerns about the potential for a fragmented global economy,” framing BRICS as a defender of multilateralism under threat.

This was a shared concern, and one that allowed countries with very different economic profiles to speak with a unified voice. The language was carefully neutral, but the implication was clear: BRICS is positioning itself as a counterweight to the unilateralism that has increasingly characterised Western trade policy.

Another topic that gained traction among participants was a push for more local-currency use in bilateral trade. The group reaffirmed interest in non-dollar transactions, adopting a cautious approach regarding a swift departure from the US dollar.

During the summit in Russia last year, BRICS leaders addressed the importance of promoting these transactions. This led to a strong response from Trump, who threatened to impose 100 percent tariffs should the BRICS distance itself from the US dollar, which could jeopardise the currency’s ​​dominance in international payments. 

But beyond rhetoric, there was little indication of imminent structural change.

That caution reflects hard reality. Despite rising interest in alternatives, 75 percent of global trade still flows through the US dollar.  Last year, the UN reported that out of the total volume of world trade of $32 trillion, transactions conducted in US currency amounted to $24 trillion.

China’s growing economic clout may eventually change that equation. By the end of 2024, China's GDP was projected to reach $18.57 trillion, while the US's GDP stood at $29 trillion. But for now, the political desire to hedge against dollar dominance is ahead of practical alternatives.

Moreover, the memory of the West’s freezing of $330 billion in Russian dollar and euro assets in 2022 caused severe damage, potentially devastating effects, to the reputation of "hard currencies" and the SWIFT system. This action highlighted the harmful consequences of employing Western currencies as a political weapon.

The freezing prompted BRICS members to become increasingly wary of the potential for such measures to be employed under American political pressure. Consequently, in April 2022, officials from the Chinese Ministry of Finance and other regulators convened with both domestic and foreign banks to discuss possible retaliatory actions against American sanctions.

Proposed measures included boosting domestic production of essential intermediate goods like semiconductors and other strategic items, reinforcing other nations' economic reliance on China to minimise their likelihood of supporting the sanctions regime, and decreasing dependence on the dollar while diversifying assets.

The BRICS nations will continue exploring an alternative payment system to the dollar. However, the pace of their decisive actions will be influenced by the US administration's decisions.

A window, not a breakthrough

The difficulties of reaching consensus have grown more complex, particularly with new members joining in 2024, each contributing their views on global matters. While expansion can boost influence, it also makes consensus more challenging.

The clearest indication came in discussions about UN Security Council reform.

Significantly, the proposal to admit Brazil and India as permanent members of the UN Security Council garnered unanimous backing from all attendees. Before the meeting, many wondered if China would back India's bid, considering the fraught relations between the two nations. Nevertheless, China's leadership proved perceptive by endorsing India's goals. Delhi will undoubtedly recognise this amicable gesture.

Nevertheless, the group stopped short of issuing a joint statement.

Egypt and Ethiopia reportedly rejected specific phrasing. The new African members did not support a resolution that identified South Africa as BRICS’ preferred candidate for a reformed Security Council. However, the report suggested there is still a possibility for an agreement by July, aligning with the BRICS leaders' gathering in Rio.

That no joint declaration was issued—only a lower-status “chairman’s statement”—is telling.

Even as the bloc grows more vocal on trade and finance, a real push for institutional reform may be on hold.

Still, the fact that all members backed Brazil and India’s bid to assume a more significant role in global affairs, particularly in the Security Council, signals a shared awareness that the UN’s post-1945 order needs rethinking.

The next BRICS summit, set for July 6-7 in Rio, will be the real test. Until then, significant work remains to align the parties' positions. Can the bloc reconcile diverse regional interests to present a coherent case for Security Council reform? And will it inch closer to a non-Western financial infrastructure—or continue to tread carefully?

Encouraging developments have started progressing toward an expanded BRICS, but next month’s meeting will show whether BRICS is ready to be more than a talking shop.