An analysis published by Eurasia Review by Dr. Mukesh Sahay examines the evolution of the BRICS grouping following the 18th BRICS Summit, held in New Delhi on 12–13 September 2026 under India's chairship. Held under the theme “Building for Resilience, Innovation, Cooperation and Sustainability,” the summit adopted the New Delhi Declaration, which calls for a more representative international order and reformed multilateral governance.
The analysis notes that the bloc has transformed from a five-member platform into an 11-country coalition following the inclusion of Egypt, Ethiopia, Iran, and the United Arab Emirates in 2024, along with Indonesia and Saudi Arabia, joining founders Brazil, Russia, India, China, and South Africa. This expanded configuration integrates major global energy producers, manufacturing bases, and financial hubs across Asia, Africa, the Middle East, and Latin America.
According to the author, economic and financial cooperation forms the institutional core of the expanded bloc, focusing on local-currency trade settlements, cross-border payment efficiency, and infrastructure lending through the New Development Bank (NDB). The NDB was established under the 2014 Fortaleza agreements and operationalized in 2015 with an initial authorized capital of $100 billion and subscribed capital of $50 billion.
The source notes that while BRICS amplifies the collective diplomatic voice of the Global South, member states navigate distinct foreign policy priorities. These include varying degrees of engagement with Western economies, with nations such as the UAE and India maintaining deep commercial and diplomatic ties with the West alongside their BRICS commitments.
Sources
- Eurasia Review · 2026-09-24
