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What is the story about?
BRICS is likely to see gradual progress on economic cooperation, alternative payment systems and stronger ties among emerging economies, but the grouping is unlikely to deliver one big outcome at the summit, according to experts DP Srivastava and Pramit Pal Chaudhuri.
Srivastava, former Indian ambassador to Iran, said the focus should be on whether BRICS can build a common position on the major conflicts affecting the global economy.
He added, “The expectations are very different. I would not like to reduce it to a single metric. Ukraine and West Asia crisis, these are two issues where if the BRICS summit comes out with a strong message that the war has to be brought to an end, and all concerns should go back to negotiating table, that will be a very major achievement.”
Chaudhuri, Practice Head for South Asia at Eurasia Group, expects BRICS to move forward on several fronts, including local-currency payment systems, central bank digital currencies and bilateral economic agreements. However, he said progress will be gradual because member countries have different interests and concerns.
The comments come as the BRICS grouping takes on a larger role following its expansion. The summit is also taking place against the backdrop of the Russia-Ukraine war, the conflict in West Asia and heightened uncertainty in the global economy.
India-China Reset Could Be Key Economic Watchpoint
One of the biggest areas to watch is the India-China relationship. Chaudhuri said the two countries are unlikely to become close, but there is scope for them to work together and gradually restore some of the economic engagement that existed before the Galwan Valley incident and India's Press Note 3 restrictions.
A possible understanding on investment could be particularly important. He added, “Potentially, India identifying non-strategic sectors where Chinese investment would be allowed, in return, for example, China would then consider that the bans that they keep placing on permanent magnet exports to India, which is causing havoc in our EV two-wheelers and drones and missile capabilities, somehow be stabilised.”
This could have implications for Indian industries that rely on Chinese inputs, including electric two-wheelers, drones and other manufacturing segments. Chaudhuri said the high-level meetings could give officials on both sides the political space to work towards such agreements.
US Keeps A Close Watch On BRICS
Srivastava said the United States would be watching the BRICS summit closely, but cautioned against viewing its outcome as a position driven solely by India. He noted that any joint declaration would have to reflect the consensus of all member countries, which have different interests and priorities. The former ambassador said the gathering itself sends a message that a broad group of countries agrees on some major global issues, offering an alternative perspective to the worldview represented by the G7.
BRICS Push For Alternative Payment Systems
Economic cooperation is another area that could gain momentum. BRICS is looking at capabilities that could provide alternatives to financial structures currently dominated by Western economies.
Local-currency payment systems and central bank digital currencies are among the areas under discussion. But a common BRICS-wide system is unlikely to emerge immediately, with differences between members likely to result in bilateral arrangements first.
For markets, the longer-term significance could lie in how these systems develop and whether they make cross-border trade and payments easier for emerging economies.
Global South Becomes Bigger BRICS Focus
Chaudhuri also sees BRICS evolving from an emerging-economy grouping into a broader platform for the Global South. The entry of countries such as Ethiopia and Egypt, along with growing interest from economies across Africa, Latin America and Southeast Asia, is expanding the bloc's reach.
“Today, it is now a global South forum, and is by far the biggest, which is why you have so many countries applying,” Chaudhuri said.
The New Development Bank could become an important part of this evolution. Its more flexible lending approach and ability to support financing in non-reserve currencies could make it more attractive to developing economies looking for alternatives in development finance.
For the entire discussion, watch the accompanying video
Catch all the live updates from the BRICS Summit 2026
Srivastava, former Indian ambassador to Iran, said the focus should be on whether BRICS can build a common position on the major conflicts affecting the global economy.
He added, “The expectations are very different. I would not like to reduce it to a single metric. Ukraine and West Asia crisis, these are two issues where if the BRICS summit comes out with a strong message that the war has to be brought to an end, and all concerns should go back to negotiating table, that will be a very major achievement.”
Chaudhuri, Practice Head for South Asia at Eurasia Group, expects BRICS to move forward on several fronts, including local-currency payment systems, central bank digital currencies and bilateral economic agreements. However, he said progress will be gradual because member countries have different interests and concerns.
The comments come as the BRICS grouping takes on a larger role following its expansion. The summit is also taking place against the backdrop of the Russia-Ukraine war, the conflict in West Asia and heightened uncertainty in the global economy.
India-China Reset Could Be Key Economic Watchpoint
One of the biggest areas to watch is the India-China relationship. Chaudhuri said the two countries are unlikely to become close, but there is scope for them to work together and gradually restore some of the economic engagement that existed before the Galwan Valley incident and India's Press Note 3 restrictions.
A possible understanding on investment could be particularly important. He added, “Potentially, India identifying non-strategic sectors where Chinese investment would be allowed, in return, for example, China would then consider that the bans that they keep placing on permanent magnet exports to India, which is causing havoc in our EV two-wheelers and drones and missile capabilities, somehow be stabilised.”
This could have implications for Indian industries that rely on Chinese inputs, including electric two-wheelers, drones and other manufacturing segments. Chaudhuri said the high-level meetings could give officials on both sides the political space to work towards such agreements.
US Keeps A Close Watch On BRICS
Srivastava said the United States would be watching the BRICS summit closely, but cautioned against viewing its outcome as a position driven solely by India. He noted that any joint declaration would have to reflect the consensus of all member countries, which have different interests and priorities. The former ambassador said the gathering itself sends a message that a broad group of countries agrees on some major global issues, offering an alternative perspective to the worldview represented by the G7.
BRICS Push For Alternative Payment Systems
Economic cooperation is another area that could gain momentum. BRICS is looking at capabilities that could provide alternatives to financial structures currently dominated by Western economies.
Local-currency payment systems and central bank digital currencies are among the areas under discussion. But a common BRICS-wide system is unlikely to emerge immediately, with differences between members likely to result in bilateral arrangements first.
For markets, the longer-term significance could lie in how these systems develop and whether they make cross-border trade and payments easier for emerging economies.
Global South Becomes Bigger BRICS Focus
Chaudhuri also sees BRICS evolving from an emerging-economy grouping into a broader platform for the Global South. The entry of countries such as Ethiopia and Egypt, along with growing interest from economies across Africa, Latin America and Southeast Asia, is expanding the bloc's reach.
“Today, it is now a global South forum, and is by far the biggest, which is why you have so many countries applying,” Chaudhuri said.
The New Development Bank could become an important part of this evolution. Its more flexible lending approach and ability to support financing in non-reserve currencies could make it more attractive to developing economies looking for alternatives in development finance.
For the entire discussion, watch the accompanying video
Catch all the live updates from the BRICS Summit 2026
