Leaders from the BRICS nations are convening in New Delhi for a summit centered on trade, investment, and global conflicts. The gathering aims to bolster the bloc's role in shaping the international agenda for emerging and developing economies.
Indian Prime Minister Narendra Modi is hosting Russian President Vladimir Putin, Chinese President Xi Jinping, Iranian President Masoud Pezeshkian, and leaders from the other eight BRICS member states. The summit takes place against the backdrop of wars in Ukraine and the Middle East, alongside increasing tensions between the U.S. and China, which are straining the bloc's capacity to forge consensus among nations with divergent geopolitical interests.
The agenda for the leaders is expected to include discussions on economic cooperation, energy, food security, technology, and supply chains. A significant focus will be on reducing reliance on the U.S. dollar, with members advocating for increased use of their national currencies in trade and payments, and pursuing alternatives to Western-dominated financial institutions.
Russia and China perceive BRICS as a vehicle to diminish Western influence, particularly that of the United States, while simultaneously enhancing collaboration among emerging and developing economies. Russian President Putin stated on Friday that the grouping is not directed against any specific entity and that Moscow remains open to global cooperation. "We are in favor of our interests," he remarked at the BRICS Business Forum.
Iran has also been a proponent of mechanisms designed to lessen the bloc's dependence on Western financial systems and mitigate the impact of economic pressure. Iranian President Pezeshkian emphasized the importance of expanding trade in national currencies among BRICS members, stating, "One of the most important steps is to expand the use of national currencies in trade among the members."
China is leveraging the BRICS platform to extend its influence within the group and position it as a counterbalance to U.S. power. Chinese Foreign Ministry spokesperson Mao Ning indicated that President Xi would address major international issues and explore avenues for deepening cooperation among BRICS members.
For India, the summit represents an effort to maintain strategic relationships with Russia and Iran while simultaneously strengthening ties with the U.S. and Europe. New Delhi has aimed to balance its established partnerships with Moscow and Tehran with its endeavors to expand economic, defense, and technological cooperation with Washington and other Western nations. India has sustained close ties with both Moscow and Tehran despite the ongoing conflict in Ukraine and regional tensions, while advocating for dialogue and diplomatic solutions.
Prime Minister Modi held separate meetings with President Putin and President Pezeshkian on Friday, prior to the summit's commencement. India also anticipates that the forum will contribute to easing its long-standing strained relations with China. A meeting between Prime Minister Modi and President Xi is scheduled, which could potentially foster a diplomatic improvement between the two nations following border tensions that escalated in 2020.
A critical challenge for India will be securing a joint statement from the leaders, a task that proved difficult in May when BRICS foreign ministers were unable to agree on a unified statement regarding the situation in the Middle East, leading to India issuing a chair's summary instead. The current summit convenes amid growing concerns about the potential expansion of the conflict in the Middle East, as regional tensions escalate. The bloc's cohesion under pressure is expected to be tested as its members navigate their differing stances on the conflict and their relationships with the United States.
Thousands of police and paramilitary personnel have been deployed throughout New Delhi, with traffic restrictions in place around the summit venue and other key areas.