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Indian Prime Minister Narendra Modi opened the 18th BRICS summit in New Delhi on September 12 with a call for positive discussions aimed at global welfare according to his statement on X. The gathering brought together leaders from the group’s 11 member nations including Putin who arrived the previous day and held bilateral talks with Modi on defence trade and energy cooperation. Xi’s attendance marked his first visit to India in seven years following a period of strained relations that began to ease after a 2024 BRICS meeting in Russia a New York Times assessment found. The summit agenda emphasised resilience innovation cooperation and sustainability as India concluded its chairmanship of the bloc.
Trump’s return to the White House has created a complex backdrop for the meetings with his proposed tariffs threatening to disrupt supply chains and heighten trade tensions across emerging markets according to reporting in The Guardian. Several BRICS nations including China and India share concerns over these policies which could accelerate efforts toward local currency settlements and reduced reliance on Western financial systems a Bloomberg report indicated. The grouping now represents about 41 percent of global GDP compared with 28 percent for the G7 based on International Monetary Fund projections for 2026. This economic weight has positioned BRICS as a platform to push for greater influence in institutions like the IMF and World Bank.
Bilateral meetings dominated the sidelines with Modi and Xi scheduled to address lingering border issues trade imbalances and investment restrictions according to statements from China’s foreign ministry. Relations between the two countries have shown cautious improvement since deadly clashes in 2020 with restored flights and high level contacts helping to stabilise ties a Hindu BusinessLine analysis noted. Putin used his visit to press for expanded defence collaboration including potential co production of advanced fighter jets while Modi urged progress toward peace in Ukraine during their discussions The New York Times reported. These encounters underscored India’s balancing act between longstanding partnerships and strategic autonomy.
The expanded BRICS membership which now includes Egypt Ethiopia Iran the United Arab Emirates Indonesia and others has tested the group’s cohesion particularly on regional conflicts such as the war in Ukraine and escalating tensions in the Middle East involving Iran. Foreign ministers failed to issue a joint statement at a preparatory meeting in May highlighting divisions a Capital Economics assessment found. South Africa has advocated for practical outcomes including climate finance and better access to critical minerals for developing nations according to remarks by its international relations minister. The summit is expected to produce a declaration addressing these challenges without overreaching on contentious issues like a common currency which BRICS leaders have largely set aside.
World Bank data places growth in emerging market and developing economies at 3.6 percent for 2026 with India projected to expand by 6.6 percent and China by 4.2 percent. Intra BRICS merchandise trade reached 1.17 trillion dollars in 2024 up significantly from earlier years though India’s deficit with the group widened to 226 billion dollars in the fiscal year according to a Global Trade Research Initiative review. Finance chiefs from the bloc reiterated calls for urgent reform of the IMF and World Bank to reflect shifts in global economic power a joint statement cited by Bloomberg showed. Such steps could enhance representation for developing nations in leadership and voting shares.
The New Development Bank established by BRICS has approved nearly 43 billion dollars in financing for projects across member states though new approvals involving Russia have been suspended amid geopolitical tensions. Discussions in New Delhi are likely to advance work on cross border payment systems using local currencies while avoiding direct confrontation with the dollar dominated order an Atlantic Council review of prior summits observed. Modi has framed the event as an opportunity to strengthen multilateralism without forcing choices between major powers. Outcomes from the two day meeting will shape the bloc’s direction as it marks two decades since its founding.
