Sustainability

ICC champions multilateralism at BRICS Business Forum 

  • 7 July 2025

ICC Secretary-General John W.H. Denton AO was in Rio de Janeiro last week, participating in the BRICS Business Forum on 5 July, in line with commitments to support BRICS countries in developing pragmatic, business-backed action for sustainable development.

Speaking on behalf of more than 45 million companies worldwide, Mr Denton took part in a high-level panel looking at sustainable financial strategies for the BRICS Development Agenda, underscoring the urgent need for cooperative solutions to global challenges. 

During his visit to Brazil, on 4 July, Mr Denton contributed to the closing sessions of the BRICS Business Council’s Working Groups, including an intervention in the Trade and Investment Working Group. He also took part in the 10th Annual Meeting of the New Development Bank (NDB)’s Board of Governors.    

ICC’s first time participation in the BRICS Forum comes at a pivotal moment for the Group. A new ICC report conducted in partnership with Oxford Economics presents a sobering assessment of the risks posed by the erosion of the multilateral trading system – particularly for BRICS economies.  

Projected impacts include: 

  • Sharp export losses: Non-fuel goods exports could fall by 45% in Brazil, 41% in India, 36% in China, 34% in South Africa, 26% in Indonesia, and 21% in Egypt. 
  • Economic contraction: GDP losses ranging from 3.5% to 6% across these economies. 
  • Decline in foreign investment: FDI reductions of up to 6% in the most exposed markets. 

This underscores the imperative for BRICS and other economies to take action and revitalise the multilateral trading system, something Mr Denton underscored throughout his engagements in Brazil.  

Mr Denton said:

“ICC’s engagement with the BRICS business community reinforces its role as the voice of the real economy, ensuring business drives solutions for peace, prosperity and opportunity across emerging markets.” 

4 ways ICC has engaged in the BRICS process in 2025 

  1. Participation in BRICS Business Council Working Groups 

Several ICC leaders contributed to BRICS Business Council Working Groups, shaping policy recommendations in areas including trade and investment, manufacturing, energy and climate, financial services and infrastructure, transport, and logistics. 

  1. BRICS Business Council Secretariat policy support   

ICC provided business insights for the 2025 BRICS Business Council Annual Report, which aligns with ICC’s international policy priorities, particularly regarding the revitalisation of the multilateral trading system.  

  1. Joint BRICS-ICC Initiative on SME Trade Integration   

ICC and BRICS Business Council Trade and Investment Working Gorup collaboration resulted in the launch of a joint initiative aimed at enhancing the integration of BRICS SMEs in international trade, leveraging the ICC Centre of Entrepreneurship and ICC One Click gateway for trade tools, solutions and  guides for SMEs to export and grow globally. 

  1. Supporting the BRICS Solutions Awards 

ICC promoted the BRICS Solutions Awards through its global network of national committees and chambers of commerce. These Awards recognise innovative projects advancing climate change mitigation, environmental sustainability, and the responsible use of natural resources across BRICS countries.