How Will the Bloc Manage Its Expansion?
One of the most pressing issues for the Delhi summit is how to successfully integrate its newest members. The recent expansion, which includes countries like Egypt, Iran, and the UAE, has transformed BRICS into an eleven-member group representing nearly
half the world's population. This growth brings immense economic and demographic weight, but also significant challenges. The key question is whether the bloc can create a coherent agenda despite the diverse, and sometimes competing, political and economic interests of its members. India, as the chair, is pushing for a cautious and consensus-based approach to future expansion, aiming to ensure that growth does not dilute the group's effectiveness or create internal gridlock.
Can the 'De-Dollarization' Push Gain Real Traction?
The push to reduce dependency on the U.S. dollar is a central theme for BRICS. The goal is not necessarily to replace the dollar overnight but to create a more multipolar financial system by increasing the use of local currencies in trade and investment. The New Development Bank (NDB), the bloc's flagship financial institution, is at the heart of this strategy, aiming to provide loans in the currencies of its member nations to reduce foreign exchange risks. However, the path is fraught with obstacles. Significant barriers remain, including the limited convertibility of some member currencies and the unparalleled liquidity and trust the U.S. dollar still commands in global markets. The summit will be a test of how committed the members are to building a practical alternative payment infrastructure.
How Will India Balance China's Dominance?
For host nation India, the summit is a critical exercise in strategic balancing. While BRICS offers a platform to champion the voice of the Global South, it also requires navigating the complex relationship with China. Geopolitical rivalries and unresolved border issues create a persistent tension within the group. New Delhi has consistently used its role in BRICS to advocate for its own priorities, such as counter-terrorism, digital public infrastructure, and reformed multilateralism, while carefully avoiding an overtly anti-Western stance. A major question in Delhi will be whether India can successfully steer the agenda to reflect a broader consensus, reinforcing its position as a leading power rather than a junior partner in a China-centric bloc.
What is the Future of Economic Cooperation?
Beyond geopolitics, the core of BRICS is economic cooperation. The theme for India's 2026 presidency is “Building for Resilience, Innovation, Cooperation and Sustainability,” reflecting a focus on tangible outcomes. This includes strengthening supply chains for critical goods like pharmaceuticals and semiconductors, boosting cooperation in health and energy, and sharing digital innovations like India's Unified Payments Interface (UPI). The New Development Bank (NDB) remains a key instrument, tasked with funding infrastructure and sustainable development projects. However, the NDB's scale is still limited compared to established institutions like the World Bank. Leaders in Delhi will need to chart a course for expanding the NDB's project pipeline and impact, proving the bank can be a genuine alternative for development finance.
Can BRICS Speak with a Unified Voice?
Ultimately, the success of the Delhi summit will be measured by the bloc's ability to forge consensus on key global issues. The group's diversity is both a strength and a weakness. While members are united in their call for reforming global governance, their positions on specific international conflicts and security issues can vary widely. As the bloc grows, achieving a unified stance becomes even more complex. The joint declaration issued at the end of the summit will be heavily scrutinized for signs of unity or division. It will reveal whether BRICS can evolve from a forum for discussion into a cohesive force capable of shaping a new, more inclusive global order.
