The article analyzes India’s BRICS chairship and the New Delhi Declaration, arguing that New Delhi favors a flexible, issue-based BRICS that supports development finance, global governance reforms, and Global South representation.
India’s 2026 BRICS chairship moved the grouping from a May foreign ministers’ deadlock to a unanimous September New Delhi Declaration through multi-level consultations and consensus language.
India’s government said no BRICS common currency proposal is under consideration, while local-currency settlement remains a practical focus for reducing trade transaction costs.
As BRICS enters its third decade, China sees technology, climate change and a greater voice for the Global South shaping its next phase.
BRICS leaders in the New Delhi Declaration rejected unilateral, punitive and discriminatory measures such as CBAM, saying they could harm developing countries’ climate capacity and exports in steel, cement, fertilizer and aluminum.
BRICS leaders adopted the New Delhi Declaration at the 18th BRICS Summit, covering West Asia tensions, UN reform, de-dollarisation and AI governance.
BRICS reaffirmed support for MSME financing, credit assessment frameworks, digital trade finance and a proposed invoice discounting mechanism at the New Delhi Summit.
The article highlights India’s role in securing consensus among BRICS members, including Iran and the UAE, and outlines key points of the New Delhi Declaration on West Asia, trade, and Global South representation.
Xi Jinping addressed the first phase of the 18th BRICS Summit in New Delhi, setting out priorities for BRICS cooperation in innovation, peace, cultural exchange, and global governance.
