At the BRICS Business Forum, leaders emphasized economic cooperation, secure maritime trade routes, greater use of local currencies, and proposed financial mechanisms for BRICS projects.
The upcoming BRICS Summit in New Delhi will focus on local-currency trade and alternative cross-border payment mechanisms, but BRICS remains far from challenging the US dollar’s global role.
Pakistan’s formal application for BRICS membership has stalled, with India’s position identified as a key obstacle despite Pakistan’s outreach to Russia and China and its purchase of a stake in the BRICS-backed New Development Bank.
The BRICS Summit opened in New Delhi on Friday with extensive security measures at the summit venue, hotels, routes, and key sites.
At a BRICS business forum, Iranian and Russian leaders criticized Western sanctions and called for stronger economic cooperation, wider use of national currencies in trade, and deeper ties with the Global South.
At the BRICS Business Forum in New Delhi, Masoud Pezeshkian called for stronger BRICS cooperation in trade, finance, infrastructure, and local-currency payments.
Ahead of the BRICS summit in New Delhi, the article argues that political differences among members are secondary to BRICS’ core aim of advancing economically outside Western-dominated institutions.
BRICS negotiators are finalizing the Delhi Declaration ahead of the New Delhi summit, with one paragraph on the Iran war and attacks on the UAE still unresolved.
Pakistan’s application for BRICS membership remains stalled because India opposes it, despite backing from Russia and China, under the bloc’s consensus-based admission process.
