A Bigger, More Complex Bloc
The BRICS of 2026 is a far more sprawling entity than the original five-nation grouping. Following a major expansion, the bloc now includes countries like Egypt, Ethiopia, Iran, and the United Arab Emirates, making it a heavyweight in terms of population
and economic mass. This expansion amplifies its voice as a representative of the Global South, but also introduces significant internal complexity. Member nations have diverging economic structures, political systems, and foreign policy alignments, particularly in their relationships with the West. India, as the 2026 chair, has the delicate task of steering this larger ship towards consensus on its theme of “Resilience, Innovation, Cooperation, and Sustainability” while managing these inherent differences.
The Trade and Finance Tightrope
Deepening economic cooperation remains a core goal, but the path is fraught with challenges. While intra-BRICS trade is growing, it remains constrained by regulatory differences, infrastructure gaps, and significant trade imbalances. A major point of discussion is the push for 'de-dollarisation'—reducing dependence on the US dollar for international trade and finance. However, this means different things to different members. Rather than creating a single common currency, the more practical and gradual approach favoured by members like India involves increasing the use of national currencies for trade settlements and strengthening financial infrastructure. The New Development Bank (NDB) is central to this, aiming to provide a greater share of its financing in local currencies to shield members from exchange rate volatility and external economic pressures.
Technology: A Bridge or a Barrier?
Technology is another key pillar of India's chairmanship, positioned as a tool for inclusive growth and sustainable development. The agenda includes cooperation on digital public goods, fintech, and digital health, leveraging technology to solve shared challenges. The NDB is also focusing its financing on technology-enabling infrastructure, including AI and digital systems. However, technology is also a domain of intense competition and strategic divergence. With China's dominance in many tech sectors and India's focus on building its own digital infrastructure, navigating issues of data sovereignty, cybersecurity, and tech standards without creating friction will be a critical test of the bloc's cooperative spirit.
The Shared Quest for Resilience
Perhaps the most encompassing theme of the summit is resilience. In a world shaken by pandemics, supply chain disruptions, and geopolitical conflicts, BRICS aims to become a collective shock absorber for its members. This ambition extends across several domains. It involves building resilient supply chains for critical goods like pharmaceuticals and semiconductors, ensuring energy security, and bolstering financial stability through institutions like the NDB. The ultimate goal is to enhance economic sovereignty and create a more predictable environment for growth, insulating member economies from external shocks. Successfully implementing this requires moving beyond political statements to the hard work of building integrated, cooperative systems—a challenge that will define the summit's legacy.
