Leaders of the countries known as BRICS will hold a summit in Rio de Janeiro in July, the current chair Brazil announced Saturday.

Other members of the trading bloc include Russia, India, China and South Africa and others.

Brazilian Foreign Minister Mauro Vieira said on the social media platform X that the summit will be held July 6-7 and feature leaders of 20 countries with full or associate status in the bloc.

At this meeting “we will make very important decisions for the development of all these countries, for cooperation and for improving the living conditions of all their inhabitants,” Vieira said.

US President Donald Trump has threatened to impose 100 percent tariffs on the BRICS countries if they undercut the US dollar.

At a BRICS summit in October in Russia, the member countries discussed boosting non-dollar transactions and strengthening local currencies.

The government of President Luiz Inacio Lula da Silva has said that under the Brazilian presidency the BRICS bloc will focus on strengthening cooperation with developing nations of the so-called Global South and on reforming multilateral institutions.

He said Brazil’s priorities for the bloc include “developing means of payment” to encourage trade and investment among member states.

Last month, Brazil’s chief negotiator for the BRICS group, Eduardo Saboia, told AFP there is no concrete plan to replace the dollar but rather talks on using local currencies in transactions.

The BRICS group has expanded significantly since its inception in 2009, and now includes countries such as Iran, Egypt and the United Arab Emirates.

Altogether the BRICS coalition accounts for a significant minority of the world’s economic output.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)