BRICS nations successfully concluded their two-day summit in New Delhi, reaching a consensus on a joint communique despite significant geopolitical differences among member states. An Indian government official, who wished to remain anonymous, stated that negotiations were particularly complex, extending into the early hours of Saturday, given the need to secure agreement among countries like Iran, Saudi Arabia, and the United Arab Emirates. This marks a notable achievement for the expanded BRICS bloc, which now includes 11 major emerging economies: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, the United Arab Emirates, Saudi Arabia, and Indonesia.
The successful adoption of the New Delhi Declaration was made possible after intense diplomatic efforts, particularly in bridging disagreements between Iran and the UAE regarding the conflict in West Asia. India played a crucial role in mediating these discussions, leading to a delicately worded compromise that expressed serious concerns over deliberate attacks on civilian infrastructure and peaceful nuclear facilities, without explicitly naming parties involved. This consensus was a significant outcome, especially after previous ministerial meetings had failed to produce joint statements due to these very differences.
The summit also addressed economic issues, with BRICS members resolving to increase intra-bloc trade and payments in national currencies. India's Commerce and Industry Minister, Piyush Goyal, advocated for interlinking payment systems and promoting trade in local currencies, citing India's Unified Payments Interface (UPI) as a successful model. While discussions on settling bilateral trade in local currencies will continue as a practical mechanism to reduce transaction costs and complement global payment systems, officials confirmed that there is currently no proposal for a common BRICS currency. This move is aimed at strengthening cross-border payments and reducing reliance on the US dollar, aligning with de-dollarization efforts. The New Delhi Declaration acknowledged these ongoing discussions on local currency trade settlements, respecting national priorities and recognizing that no "one-size-fits-all" approach exists.
Furthermore, the New Delhi Declaration called for comprehensive reform of the United Nations, including increased roles for Brazil and India in the Security Council, and changes to global financial institutions to better reflect current economic realities. Chinese President Xi Jinping announced that China would assume the BRICS presidency for the upcoming year, emphasizing the grouping's growing influence as a platform for cooperation among emerging markets and developing countries. The BRICS bloc currently represents approximately 49.5% of the global population, around 40% of the global GDP, and about 26% of global trade.
