The 18th BRICS Summit took place in New Delhi on 12–13 September 2026 under India's chairship, according to an analysis published by Eurasia Review. Meeting under the theme "Building for Resilience, Innovation, Cooperation and Sustainability," the expanded group convened eleven member states: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia, and the United Arab Emirates. The official New Delhi Declaration called for a fairer, more representative multilateral system.
Eurasia Review noted that BRICS unity is grounded in shared interests in autonomy and institutional reform rather than a centralised bloc alliance. The analysis highlighted internal complexities, including differing geopolitical alignments, such as Russia operating under Western sanctions while India and the UAE maintain strong ties with Western economies.
On monetary and financial cooperation, the summit focused on local-currency trade settlements and payment system interoperability rather than launching a shared common currency. The analysis characterised these steps as practical diversification designed to navigate sanctions exposure and reduce reliance on SWIFT.
The New Development Bank (NDB), established with 100 billion dollars in authorised capital following the 2014 Fortaleza summit, was cited as the bloc's primary vehicle for funding infrastructure and local-currency lending. India supported expanding the bank's membership and developing a knowledge portal, while the analysis emphasised that the bank's long-term credibility depends on avoiding dominance by any single member state.
Sources
- Eurasia Review · 2026-09-24
