BRICS LEADERS BACK WIDER TRADE AND FINANCIAL COOPERATION AT NEW DELHI SUMMIT

Leaders of the BRICS bloc have agreed to deepen economic cooperation and strengthen trade and financial ties among member countries at the group’s 18th summit in New Delhi, India. The two-day meeting, held from September 12 to 13, brought together leaders from the expanded BRICS membership as they discussed ways to promote stronger economic growth, improve cooperation among developing countries and give the Global South a greater voice in international affairs.

The leaders adopted the New Delhi Declaration, reaffirming their commitment to closer economic and financial cooperation. They supported efforts to increase trade and investment among member states, strengthen global supply chains and improve cooperation in areas such as technology, infrastructure and sustainable development. The declaration also highlighted the importance of making global economic institutions more representative and ensuring that developing and emerging economies have a stronger role in decisions affecting the international financial system.

A major area of focus was the development of more efficient cross-border payment systems. BRICS leaders acknowledged ongoing work to improve the interoperability of payment and messaging channels and explore greater use of local currencies for trade settlements and investments. The initiative is part of the bloc’s broader effort to reduce barriers to trade among members and make cross-border transactions easier, while recognising that each country will determine its own approach based on national priorities.

The summit also placed strong emphasis on technology and innovation as drivers of future economic growth. Leaders backed greater cooperation in areas including artificial intelligence, science and technology, digital transformation and critical minerals, while also supporting stronger and more resilient global value chains. China’s President Xi Jinping promoted deeper cooperation in AI, trade and finance, while India’s Prime Minister Narendra Modi, as host of the summit, called for greater cooperation among developing economies and a stronger role for the Global South in global decision-making.

The New Delhi meeting comes as BRICS continues to expand its influence, with the group now bringing together 11 member countries and representing a substantial share of the world’s population and economy. Despite differences among members on issues ranging from geopolitics to trade, the leaders used the summit to project greater unity around economic cooperation, sustainable development and reform of global institutions. China will take over the BRICS chairmanship in 2027, with the next summit scheduled to be held there.