India, South Africa and the BRICS moment: From shared voice to shared power

Source: Mail & Guardian | Original Published At: 2026-09-14 12:48:25 UTC

Key Points

• BRICS has evolved from an acronym for emerging economies into a platform with significant economic and diplomatic weight, representing about half of humanity, roughly 40% of global GDP and more than a quarter of global trade.
• The article highlights BRICS work on cross-border payments, local currency use, payment interoperability and the New Development Bank as practical mechanisms for development finance.
• Intra-BRICS trade has crossed the trillion-dollar mark, with India trading about $226 billion with other BRICS economies in the first half of 2026.
• India-South Africa bilateral trade reached $19.25 billion in 2023-24 and remained above $18 billion in 2024-25.
• India and South Africa are exploring deeper cooperation in critical minerals, beneficiation, green industrialisation, electric-vehicle and battery value chains, infrastructure, agriculture, digital technologies and skills.
• More than 150 Indian companies have invested over $10 billion in South Africa, creating more than 18,000 jobs.
• The article argues that BRICS should focus on creating practical instruments for trade, finance, technology and diplomacy rather than seeking to replace Western-led institutions.