A Larger, More Diverse Bloc
The most significant recent development is the group's expansion. Once comprising Brazil, Russia, India, China, and South Africa, the bloc has welcomed new members including Egypt, Ethiopia, Iran, the United Arab Emirates (UAE), and Saudi Arabia, with
Indonesia also joining. This move, sometimes referred to as 'BRICS+', creates a formidable entity representing nearly half the world's population and over a third of global GDP. The inclusion of major energy producers like Saudi Arabia, Iran, and the UAE dramatically increases the group's influence over global energy markets. Meanwhile, the addition of Egypt and Ethiopia strengthens the bloc's presence and strategic reach across Africa and the Middle East.
The De-Dollarisation Push
A central theme of the recent agenda is the concerted effort to reduce dependency on the U.S. dollar. This is not about creating a single BRICS currency overnight, which experts see as a distant and complex goal. Instead, the focus is on a more gradual and practical approach. Leaders are pushing to increase the use of national currencies for trade between member countries. The New Development Bank (NDB), the bloc's alternative to the World Bank, is playing a key role by aiming to provide a significant portion of its loans in local currencies, insulating member economies from the volatility of the dollar. The development of alternative payment systems that can operate independently of Western-controlled networks like SWIFT is also a high priority.
India's Leadership and Agenda
As the host of the recent summit in New Delhi, India has sought to steer the bloc's agenda with a focus on practical cooperation and inclusive growth. The official theme for its 2026 chairship is “Building for Resilience, Innovation, Cooperation and Sustainability.” This translates into focusing on tangible goals such as strengthening supply chains, promoting digital public infrastructure like the UPI for cross-border payments, and fostering collaboration in health, energy, and technology. For India, BRICS is a vital platform to advance its vision of a multipolar world order while maintaining its strategic autonomy. It provides an opportunity to engage with its rival, China, while also counterbalancing its influence and championing the interests of the Global South.
Navigating Internal Differences
Despite its growing size and economic heft, the expanded BRICS is not without challenges. The bloc is a diverse collection of nations with different political systems and, at times, competing interests. For instance, while Russia and China may push for a more explicitly anti-Western stance, members like India and Brazil maintain strong ties with the United States and its allies. There have also been internal disagreements on the pace and scope of future expansion, with some reports suggesting a pause to consolidate the current group. The success of BRICS+ will depend on its ability to manage these internal fractures and find common ground on key issues, transforming its collective weight into coherent action.
