Mauro Vieira comments on the consolidation of the group, the role of the NDB and trade growth on the sidelines of the Summit in New Delhi

BRICS is entering a phase of consolidation, prioritising the integration of new members and strengthening dialogue with the group’s partner countries. This assessment was made by Brazilian Foreign Minister Mauro Vieira on the sidelines of the BRICS Summit in India, in an exclusive interview with Brasil 247, a TV BRICS partner.

According to the Foreign Minister, several partner countries have already expressed an interest in becoming full members of the group, but structuring relations between full members and partners is now an essential stage in BRICS’ institutional development, and Brazil is prepared to support a future collective decision on further expansion.

For the minister, this phase also involves strengthening the New Development Bank, which he described as one of the group’s most concrete instruments for advancing reform of global financial institutions.

“The BRICS Bank is growing and will consolidate itself in keeping with the spirit of BRICS, which is to promote reform of global governance. […] With it, we will have a much faster, more agile and more efficient system.” – Mauro Vieira, Brazilian Foreign Minister.

According to Vieira, another fundamental aspect of the bank is its ability to provide guarantees, which expands its capacity for action: instead of relying solely on direct financing, the institution can attract capital to co-finance major projects.

This logic of economic cooperation among countries of the Global South is also reflected in the growth of Brazil’s bilateral trade with strategic partners. Speaking about Brazil–India relations, the foreign minister stressed that trade between the two countries is expected to reach US$20 billion this year, an increase of 40 per cent compared with US$15 billion the previous year. This projection falls within the target of US$30 billion by 2030 set by President Luiz Inacio Lula da Silva and Indian Prime Minister Narendra Modi.

The same trend towards closer economic ties between Brazil and other countries can also be seen in Southeast Asia, in line with a directive set by President Lula.

“We opened a permanent mission, headed by an ambassador, in Jakarta [Indonesia], who serves as our representative to the ASEAN Secretariat. We established this cooperation, became an ASEAN Sectoral Dialogue Partner and continue to move forward,” Vieira said.

African Times published this article in partnership with International Media Network TV BRICS