RIO DE JANEIRO: The BRICS remains a powerful force for economic cooperation and global good, Prime Minister Narendra Modi said on Sunday as several top leaders of the member nations of the grouping converged in this seaside Brazilian city to hold summit talks.

Chinese President Xi Jinping and his Russian counterpart Vladimir Putin skipped the summit, being hosted by Brazil in its capacity as the current chair of the influential grouping.

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The BRICS has emerged as an influential grouping as it brings together 11 major emerging economies of the world, representing around 49.5 per cent of the global population, around 40 per cent of the global GDP and around 26 per cent of the global trade.

BRICS, originally comprising Brazil, Russia, India, China, and South Africa, expanded in 2024 to include Egypt, Ethiopia, Iran, and the United Arab Emirates, with Indonesia joining in 2025.

Modi arrived here last night on the fourth leg of his five-nation tour. He has already visited Ghana, Trinidad and Tobago and Argentina.

The situation in West Asia, the Russia-Ukraine conflict and challenges facing the Global South are likely to figure prominently at the BRICS Summit.

"Grateful to President Lula for hosting this year's BRICS Summit in Rio de Janeiro. BRICS remains a powerful force for economic cooperation and global good," Modi said in a social media post after he was welcomed at the venue of the summit by the Brazilian leader.

The motto of the Brazilian presidency of BRICS is "Strengthening Global South Cooperation for More Inclusive and Sustainable Governance".

The summit will culminate in two high-level declarations on financing the climate change regime and the governance of artificial intelligence.

Enhancing the use of national currencies in settling intra-BRICS trade may also figure in the discussions at the summit.

India will assume the presidency of BRICS next year.