Modi-Xi-Putin bonhomie, car diplomacy, gala dinner, Pahalgam condemnation and New Delhi Declaration: Brics Summit key takeaways
The 18th BRICS Summit was held in New Delhi on September 12, 2026, under India's BRICS chairship, with the theme "Building for Resilience, Innovation, Cooperation and Sustainability"
Member states unanimously adopted the New Delhi Declaration 2026 after negotiations that had to reconcile differing positions among members on ongoing regional conflicts
The declaration condemned "in the strongest terms" the terrorist attack in Jammu and Kashmir on April 22, 2025, in which 26 people were killed, and called for a zero-tolerance approach to terrorism, including its financing and safe havens
The declaration called for structural reform of the United Nations Security Council and of other multilateral financial institutions, including the IMF and World Bank, to give developing countries greater representation
Members reiterated support for expanded use of local currencies in intra-bloc trade settlement and for interoperable cross-border payment and messaging systems, while clarifying that a single common BRICS currency is not currently planned
The declaration highlighted the New Development Bank's continuing role in financing infrastructure and sustainable development projects across member and partner countries
BRICS — Institutional Structure and Expansion
BRICS is a grouping of major emerging economies that began as an economic-thesis acronym ("BRIC") in 2001, held its first leaders' summit in 2009, and added South Africa in 2010. It operates without a permanent secretariat or charter, functioning instead through an annually rotating chairship and consensus-based summit declarations — a structural feature that explains why the New Delhi Declaration required extended negotiation to secure unanimous adoption.
The 2026 summit's declaration process — described as reconciling "sharp differences" before consensus — illustrates how BRICS's consensus-only decision-making shapes both its outcomes and its limitations as a coordinating body.
UN Security Council Reform — India's Long-Standing Position
UNSC reform refers to proposals to expand the Council's permanent and non-permanent membership, which has remained largely unchanged since 1965 despite significant shifts in global economic and demographic weight. India has long sought permanent membership, along with reform advocated through platforms like the G4 (India, Brazil, Germany, Japan) and, now, BRICS.
The New Delhi Declaration's call for a "structural update" of the UNSC is a recurring BRICS talking point that aligns with India's own long-standing reform push, making UNSC composition and amendment procedure a standing static topic behind such summit outcomes.
New Development Bank (NDB)
The NDB is BRICS's multilateral development bank, created as an alternative and complement to Bretton Woods institutions (World Bank, IMF) for financing infrastructure and sustainable development in emerging economies.
The declaration's reference to the NDB "entering its second decade" reflects the bank completing over ten years of operation since its 2014 founding, positioning it as BRICS's principal financing arm for the infrastructure and sustainability agenda reaffirmed in 2026.
Local Currency Trade Settlement and De-dollarisation
BRICS has periodically discussed reducing dependence on the US dollar for intra-bloc trade settlement, distinct from proposals for a single common BRICS currency (which member states have repeatedly clarified is not an active goal).
Key Details
- Local-currency settlement mechanisms rely on bilateral currency swap arrangements and correspondent banking rather than a shared unit of account
- Interoperable payment/messaging system proposals (sometimes referenced as "BRICS Pay") aim to reduce reliance on Western-controlled cross-border payment messaging infrastructure
- India's own Rupee (INR) trade settlement mechanism was operationalised via an RBI circular in July 2022, permitting invoicing and settlement of international trade in rupees through Vostro accounts
- Distinguished from full currency convertibility or a common currency union, which BRICS has explicitly stated is not currently under consideration
The declaration's endorsement of local-currency settlement, alongside its explicit disclaimer on a common currency, reflects the incremental, non-binding nature of BRICS's monetary cooperation agenda.
- 18th BRICS Summit held in New Delhi: September 12, 2026, under India's BRICS chairship
- Declaration name: New Delhi Declaration 2026; theme: "Building for Resilience, Innovation, Cooperation and Sustainability"
- Jammu and Kashmir terror attack condemned in the declaration: April 22, 2025; 26 people killed
- UNSC composition: 5 permanent members (veto-holding), 10 non-permanent members (2-year terms)
- NDB founded: July 15, 2014 (Fortaleza Declaration); initial authorised capital US$100 billion; headquartered in Shanghai
- BRICS full members as of 2026: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, UAE, Indonesia (Saudi Arabia's accession still under review)
- BRICS Partner Countries (2025 tier): Belarus, Bolivia, Cuba, Kazakhstan, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan, Vietnam