The 18th BRICS Summit was held in New Delhi, India, from September 12-13, marking the 20th anniversary of the BRICS cooperation mechanism. The summit saw the participation of BRICS member countries, associate members, and multilateral organizations. This year's summit is significant as it comes at a time when the BRICS group has expanded to include new members like Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia.
The expansion of the BRICS group has raised questions about its role in global geopolitics and economic cooperation. Chinese President Xi Jinping called for 'Greater BRICS' economic cooperation to transform the bloc into a practical platform for Global South development. He emphasized the need for laying a solid foundation for pragmatic cooperation, improving cooperation, maintaining stability in industrial and supply chains, and cultivating an integrated market.
The concept of the "Greater BRICS" describes the enlarged grouping that now includes new members and partner countries. The Greater BRICS Initiative seeks to stabilize supply chains, foster integrated markets, and increase the voice of emerging economies in international governance. The initiative aims to deepen intra-BRICS economic, technological, and geopolitical integration among the expanded BRICS bloc and its connections across the Global South.
The five core pillars for "greater BRICS" cooperation include establishing a BRICS AI Open Source Zone, enhancing trade facilitation, and developing a BRICS Special Economic Zone partnership. The summit also identified intelligent manufacturing and technological innovation as key pillars for high-quality "Big BRICS Cooperation". The BRICS AI Open-Source Zone aims to promote cooperation on large language models, AI training, and an open AI ecosystem.
The 18th BRICS Summit also saw bilateral meetings between leaders, including Chinese President Xi Jinping and Indian Prime Minister Narendra Modi. They discussed strengthening financial cooperation, promoting high-quality major financial cooperation, and advocating for an equal and sustainable global order. China and India are the two largest BRICS countries, with bilateral goods reaching $151 billion in the 2025-26 financial year.
South Africa also used the Summit to advance its diplomatic and economic priorities, focusing on expanding intra-BRICS trade and investment, promoting industrialization, and mobilizing investment in African infrastructure aligned with the African Continental Free Trade Area (AfCFTA). South African President Cyril Ramaphosa called for expansion of intra-BRICS trade and investment, promotion of industrialization, and value addition.
The BRICS has discussed increasing trade in local currencies and developing alternative cross-border payment mechanisms in the form of digital currencies to reduce the cost of cross-border trade. The New Development Bank (NDB) has approved $43 billion in loans since 2016 and is making strides in local currency lending. The bank is responsible for mobilizing resources for clean energy, transport, water, sanitation, and digital infrastructure aligned with the United Nations Sustainable Development.
Key points
- The 18th BRICS Summit focused on trade, technology, and cooperation among Global South nations.
- The summit saw the participation of BRICS member countries, associate members, and multilateral organizations.
- The BRICS group has expanded to include new members like Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia.
