Leaders from the BRICS nations gathered in New Delhi for their annual summit, emerging with a joint declaration that placed significant emphasis on reforming global financial systems and taking a firm stance against armed conflicts around the world. The summit, which brought together representatives from Brazil, Russia, India, China, South Africa, and recently added member states, produced several key commitments aimed at reshaping how these economies interact with the global monetary order.
At the heart of the declaration was a renewed push for de-dollarisation — the effort by BRICS countries to conduct more of their international trade using local currencies rather than the US dollar. Officials acknowledged that heavy dependence on a single foreign currency creates vulnerabilities for emerging economies and called for greater use of national currencies in bilateral and multilateral trade settlements. Several member states have already been experimenting with alternative payment mechanisms, and the declaration signals an intent to accelerate those efforts across the bloc.
The summit also addressed what it described as "grave concerns" regarding ongoing wars and armed conflicts. While the declaration stopped short of naming specific countries, analysts noted that the language clearly referenced the war in Ukraine and tensions in the Middle East. Member states reiterated calls for peaceful resolution through diplomacy and dialogue, while also emphasizing the principle of respecting national sovereignty and territorial integrity.
On economic cooperation, leaders discussed plans to strengthen trade linkages, expand infrastructure projects, and explore new avenues for technology transfer among member nations. Discussions also covered global food security, climate change financing, and reforms to international institutions like the United Nations and the World Bank, which many BRICS members argue no longer adequately represent the interests of developing economies.
The New Delhi declaration comes at a time when BRICS has grown from an original five-member grouping into a much larger coalition, raising questions about how cohesive the bloc can remain as it absorbs new members with varying geopolitical priorities. Nevertheless, organizers expressed optimism that the expanded group could serve as a stronger voice for the Global South in international forums.
