SAO PAULO -- Brazil assumed the rotating presidency of the BRICS group (Brazil, Russia, India, China, and South Africa) on Wednesday, with an agenda focusing on strengthening Global South cooperation, the Brazilian government said in a statement.

It will also focus on reforming international governance, and creating mechanisms to facilitate trade among its members.

"The group is one of the key political and diplomatic forums for Global South countries, focusing on cooperation across various sectors," said the statement.

Its key goals include developing payment systems to simplify trade and investment between members, promoting inclusive and responsible governance of artificial intelligence, and improving financing mechanisms to address climate change.

The agenda also emphasizes collaborative projects among Global South countries, particularly in public health, and strengthening the institutional structure of BRICS.

As the host nation until the end of this year, Brazil will also organize and oversee working group meetings, bringing together representatives from member countries to discuss and implement its priorities.