The 18th BRICS Summit opened in New Delhi on Saturday, bringing together leaders from the bloc's 11 member countries and 10 partner nations. The gathering marks the 20th anniversary of BRICS cooperation, with participants aiming to build consensus on development and address global challenges through solidarity.

Summit outcomes and agenda

Leaders at the summit adopted a joint declaration covering security, cooperation, and development. Chinese President Xi Jinping delivered a speech reviewing two decades of BRICS cooperation, describing it as a period of self-reliance and self-strengthening. He emphasized that the grouping has safeguarded the common interests of the Global South and provided stability to the world.

Xi called for BRICS to act as a pioneer in pursuing innovation-driven development, upholding peace, and reforming global governance. He proposed an initiative to promote new industrialization through artificial intelligence among member countries, offering deeper cooperation in research, development, and supply chains.

Geopolitical context

The summit took place against a backdrop of surging unilateralism and power politics, which have strained multilateralism and widened deficits in peace, development, security, and governance. BRICS nations now account for approximately 40 percent of global GDP at purchasing power parity and nearly half of the world's population.

Iran's President Masoud Pezeshkian attended the summit, confirming his participation in the key multilateral gathering in India. His presence signals continued diplomatic engagement by Iran within the BRICS forum.

Future leadership

China will take over as the rotating chair of BRICS and host the 19th summit next year. The Chinese side expressed readiness to work with all parties to build consensus and embark on BRICS' third "golden decade." Xi also advocated for deeper cooperation in culture, tourism, and education, including strengthened youth exchanges.

Russian President Vladimir Putin urged BRICS nations to build an independent economic platform to counter Western pressure, while experts highlighted that a unified payment system remains achievable but faces a major trust hurdle.

Speaking at a BRICS business forum in New Delhi, Putin accused Western powers of using aggressive tactics to protect their global influence. He stated that competition had moved beyond traditional economic rivalry, citing attacks on infrastructure and efforts to disrupt global trade routes.

BRICS Payment System Faces Trust Hurdle

A unified payment system for the 11-member BRICS bloc is achievable, but member countries must first agree on transaction safeguards, data security and cross-border financial rules, Ziaad Suleiman, chair of the Digital Economy Working Group, South Africa Chapter, BRICS Business Council, said.

"A unified payment system for BRICS is certainly achievable. What we need is the right level of trust and an appropriate framework," Suleiman told BusinessLine.

He said countries would need confidence that financial data is protected and transactions are secure, while also understanding how businesses and financial institutions operate across member economies. The growing bloc has been exploring stronger payment connectivity and greater use of local currencies for trade.

Putin Targets Western Economic Pressure

Putin said Russia has faced more than 30,000 sanctions, arguing that economic pressure and trade restrictions have become tools of geopolitical competition. He noted that Russia has responded by strengthening ties with "reliable, predictable partners" and that its economic growth over the past three years has exceeded the global average.

He criticized restrictions targeting countries that refuse to follow Western policies, saying international transport corridors and shipping were being disrupted. He argued that illegal restrictions and threats of secondary sanctions targeted countries defending their own national interests.

India-Russia Trade Adds Urgency

Last month, the U.S. Senate passed the bipartisan Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 by an 86-11 vote. This allows President Donald Trump to impose tariffs of up to 100% on countries such as India and China that continue significant Russian oil and gas purchases.

The measure could further pressure India-Russia energy trade, while also expanding sanctions on Putin, senior officials, financial institutions and Russia-linked energy projects. Indian Commerce Minister Piyush Goyal urged BRICS members and partner countries to connect payment systems and facilitate trade in local currencies.

Summit Context

The summit is set to bring together Chinese President Xi Jinping, Iranian President Masoud Pezeshkian, and other leaders. The meeting occurs amid continued trade and shipping disruptions linked to the wars in Ukraine and Iran.