An Expanded and Influential Lineup
The BRICS summit on September 12-13 in New Delhi brings together leaders from a newly expanded group of eleven nations. The original five—Brazil, Russia, India, China, and South Africa—have been joined by Egypt, Ethiopia, Iran, Saudi Arabia, the United
Arab Emirates, and, most recently, Indonesia. This expansion makes BRICS a formidable force, accounting for nearly half the world's population and a substantial share of global output. Leaders such as Russian President Vladimir Putin, Chinese President Xi Jinping, and South African President Cyril Ramaphosa are attending, alongside new members like Iranian President Masoud Pezeshkian and Indonesian President Prabowo Subianto. Brazil and Saudi Arabia are represented by their foreign ministers. The gathering, hosted by Indian Prime Minister Narendra Modi, underscores the bloc's growing ambition to amplify the voice of the Global South.
The Core Agenda: Resilience and Cooperation
India's theme for its 2026 chairship is “Building for Resilience, Innovation, Cooperation and Sustainability”. This theme guides an agenda packed with pressing global issues. Key discussion points include strengthening supply chains, ensuring food and energy security, and enhancing cooperation in trade, technology, and health. The summit takes place against a backdrop of geopolitical conflicts and economic uncertainty, making topics like multilateral cooperation and reforming global governance central to the discussions. Leaders aim to produce the New Delhi Declaration, a document expected to outline common ground on these critical issues and fortify economic partnerships among member states.
The De-Dollarization Debate
A persistent topic surrounding BRICS is the push for de-dollarization—reducing reliance on the US dollar for international trade. The goal is to create a more multipolar financial system by encouraging the use of national currencies in cross-border payments. This has led to initiatives like the Rupee-Rouble agreement between India and Russia. However, progress has been slow. While the dollar's share in global foreign exchange reserves has seen a gradual decline over the last two decades, it still dominates international trade invoicing, accounting for over half of all transactions in 2026. Experts suggest that while the ambition is real, a coordinated, bloc-wide shift away from the dollar faces significant practical hurdles and divergent national interests. The focus at the summit is more likely to be on practical steps like currency swaps and building alternative payment infrastructures.
Economic Ambitions and the New Development Bank
Economic cooperation remains the bedrock of the BRICS agenda. The bloc's members are major energy producers, manufacturing hubs, and consumer markets, creating vast opportunities for trade and investment. Business leaders attending the summit are highlighting opportunities for joint ventures, particularly in engineering and technology. A key instrument for these ambitions is the New Development Bank (NDB). The NDB focuses on financing infrastructure and sustainable development projects across member nations and other emerging economies. As of late 2025, the bank had a portfolio of over USD 35.6 billion funding projects in areas like clean energy, transport, and water sanitation. India, for its part, is promoting cooperation on startups, digital skills, and renewable energy to drive green growth without sacrificing development.
Navigating Geopolitical Divides
While BRICS presents a united front on economic development, it is not without internal and external pressures. The expanded membership includes nations with divergent foreign policies and even regional rivalries, such as Iran, Saudi Arabia, and the UAE. India, as chair, faces the delicate task of building consensus while balancing its own strategic partnerships with both Western powers and BRICS members like Russia and China. The summit is a test of whether the bloc can move beyond its increased size to become more effective at acting collectively. The challenge for India is to steer the group towards practical outcomes that benefit the Global South without positioning BRICS as an explicitly anti-Western alliance.
