RIO DE JANEIRO — Leaders of the BRICS bloc gathered in Brazil on Monday for their annual summit, with host President Luiz Inácio Lula da Silva pressing an agenda focused on reforming multilateral institutions and expanding trade settled in national currencies. The two-day meeting brings together delegations from China, Russia, India, South Africa and newer members including Egypt, Ethiopia, Iran and the United Arab Emirates.

Brazilian foreign ministry officials said the agenda prioritised strengthening the bloc's New Development Bank and coordinating positions on climate finance ahead of broader UN negotiations. Trade in local currencies remained a central theme, though members have stopped short of proposing a common currency.

Several heads of state attended in person, while others sent senior representatives. Russian President Vladimir Putin was expected to join by video link, according to the Kremlin, given the outstanding International Criminal Court arrest warrant against him.

Chinese and Indian delegations were expected to press for expanded membership and a larger role for developing economies in institutions such as the International Monetary Fund. The gathering carried added weight against the backdrop of trade tensions with Washington, after US President Donald Trump repeatedly warned of tariffs on nations seeking to bypass the dollar.

Brazilian diplomats sought to frame the summit's proposals as complementary to existing institutions rather than an outright challenge to the West. Lula, addressing the opening session, said the bloc represented "the majority of the world's population" and had a duty to build "a fairer and more balanced international order," according to remarks released by the Brazilian presidency.