Leaders of the BRICS group of major emerging economies are meeting in the Brazilian metropolis of Rio de Janeiro on Sunday for a two-day summit. The BRICS acronym is derived from the initial letters of the founding member countries: Brazil,

President Trump defended former Brazilian President Jair Bolsonaro, who is accused of plotting an attempted coup following his loss in the 2022 election.

Brazilian President Luiz Inácio Lula da Silva has praised Indonesia for its initiative in hosting the 1955 Asian-African Conference in Bandung, West

Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to U.S.-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia’s invasion of Ukraine in February 2022

Brazil hosts the second and final day of the 17th BRICS Summit in Rio de Janeiro on Monday. (AP video by Lucas Dumphreys)

Exxon, Chevron, and others are increasingly eyeing South America for low-cost, low-emission production as shale basins mature and geopolitical risks remain lower than elsewhere.

The Federal Government has taken a significant step in advancing its economic diplomacy in Brazil, as the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, participated in the Ogun State Investment Forum with the Brazilian business community.

At their latest summit in Brazil, the BRICS nations once again portrayed themselves as an emerging geopolitical heavyweight. Yet the internal contradictions within this expanding group remain plain to see.