Brics leaders convene in New Delhi on Saturday for a summit focused on bolstering trade and investment cooperation and amplifying the voice of emerging economies on the global stage, even as conflicts in Ukraine and the Middle East strain the bloc’s cohesion.
Indian Prime Minister Narendra Modi is hosting Russian President Vladimir Putin, Chinese President Xi Jinping, Iranian President Masoud Pezeshkian, and leaders from the other Brics member states.
The summit unfolds against a backdrop of elevated geopolitical tensions, with the wars in Ukraine and the Middle East and the enduring US-China rivalry testing a bloc whose members often hold divergent foreign policy agendas.
Security has been tightened across New Delhi, with thousands of police and paramilitary personnel stationed around the summit venue and other key sites, alongside traffic restrictions and diversions.
Founded in 2006 by Brazil, Russia, India, and China, with South Africa joining in 2010, Brics has expanded to 11 members, representing roughly half of the world’s population and a substantial share of global economic output.
The bloc has increasingly positioned itself as a platform for emerging and developing economies, advocating for reforms to international institutions to enhance representation for non-Western nations.
De-dollarization and Financial Diversification
Economic cooperation is expected to dominate the agenda, with leaders set to discuss energy, food security, technology, supply chains, investment, and reform of global institutions.
Another priority is reducing dependence on the US dollar in trade and payments. Several Brics members have advocated for greater use of national currencies and the development of financial mechanisms that offer alternatives to Western-dominated institutions.
Russia and China, in particular, view Brics as a vehicle to diminish Western influence in the international system while fostering cooperation among emerging economies.
At the Brics Business Forum in New Delhi on Friday, Putin insisted the grouping was not directed against any other countries and said Russia remained open to international cooperation.
“We are in favour of our interests,” he stated.
Iran, facing sweeping Western sanctions and US economic pressure, has similarly pushed for mechanisms to reduce Brics countries’ reliance on Western financial systems.
Pezeshkian said expanding the use of members’ national currencies should be a central objective.
“One of the most important steps is to expand the use of national currencies in trade among members,” he told reporters on Friday.
Meanwhile, China is seeking to use the grouping to deepen its influence among developing economies and bolster Brics as a counterweight to US power.
Chinese Foreign Ministry spokesperson Mao Ning said Xi was expected to discuss major international issues and ways to strengthen cooperation among member states.
India’s Delicate Balancing Act
For host India, the summit underscores New Delhi’s delicate diplomatic balancing act.
India has maintained longstanding relationships with Russia and Iran while simultaneously expanding economic, defence, and technology cooperation with the US and European countries.
Despite the war in Ukraine and tensions over Iran, New Delhi has sustained engagement with both Moscow and Tehran while repeatedly advocating dialogue and diplomacy to resolve international conflicts.
Modi met Putin and Pezeshkian separately in New Delhi on Friday ahead of the summit.
India will also seek to build on a recent easing of tensions with China. Modi and Xi are expected to hold talks later on Saturday, potentially strengthening a diplomatic thaw after relations deteriorated following deadly clashes along their disputed Himalayan border in 2020.
One of the biggest challenges facing the Indian presidency will be securing agreement on a joint declaration.
Divisions within the bloc were apparent in May, when Brics foreign ministers failed to agree on a joint statement over the war involving Iran, forcing India to issue a chair’s summary instead.
Those differences could again prove difficult to bridge in New Delhi.
The summit unfolds amid renewed concern that the Iran conflict, triggered by US-Israeli strikes on 28 February, could widen further amid escalating tensions between Saudi Arabia and Yemen’s Houthi rebels.
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