✨ 2026 Shanghai Summer School (BRICS Program) students lists are now available. View Details

With India as host, here are better goals for BRICS than ‘confronting the West’

With India as host, here are better goals for BRICS than ‘confronting the West’
Countries
BrazilChinaEgyptEthiopiaIndiaIndonesiaIranRussiaSaudi ArabiaSouth AfricaUnited Arab Emirates
Cooperation areas
Economic GrowthInclusive MultilateralismInstitutional Development

Source: The Indian Express | Original Published At: 2026-09-06 11:42:09 UTC

Key Points

  • BRICS accounts for roughly a quarter of global trade, with intra-BRICS merchandise trade reaching $1.17 trillion in 2024 and combined foreign reserves estimated at $5.2 trillion.
  • The grouping expanded to 11 full members, with Indonesia joining in January 2025, while internal disagreements over BRICS’ strategic purpose have become more visible.
  • India proposed the New Development Bank at the 2012 New Delhi summit; by mid-2026, the NDB had approved about $44 billion across 141 projects.
  • At the May 2026 BRICS foreign ministers’ meeting in New Delhi, members failed to agree on a joint declaration amid Iran-UAE tensions, leading India to issue a chair’s statement.
  • BRICS members have pursued bilateral local-currency trade settlement, and the BRICS Pay system is set to be unveiled at the September 2026 summit in New Delhi.
  • India’s 2026 summit priorities include resilient supply chains, global financial institution reform, strengthening the NDB, expanding intra-BRICS trade, and practical cooperation on digital infrastructure, climate finance, health, critical minerals and payments.
Scroll to Top