The BRICS summit in New Delhi has produced a joint declaration calling for maximum restraint and diplomatic efforts to address the escalating Middle East conflict, while members also criticised unilateral tariffs and other trade measures.
Key points
- BRICS adopted a joint declaration calling for maximum restraint over the Middle East conflict.
- Members are pushing for more interoperable cross-border payment systems, including potential CBDC links.
- India and China pledged to strengthen business and transport links, potentially reshaping regional trade corridors.
The declaration comes as the enlarged BRICS bloc attempts to strengthen its role in global economic governance amid increasingly fragmented trade and financial systems.
Economic issues were central to the summit, including cross-border payments, reform of global financial institutions and greater use of interoperable payment infrastructure. India has separately been pushing for a system linking central-bank digital currencies (CBDCs) among BRICS members, although significant technical and geopolitical obstacles remain.
The summit also highlights the growing importance of BRICS to Asian trade and energy flows. The bloc includes major commodity producers such as Russia, Iran, Saudi Arabia and the UAE alongside major consuming economies including China and India, giving it considerable potential influence over energy security and alternative trade routes.
India and China have also used the summit to push for stronger business and transport links. Indian Prime Minister Narendra Modi and Chinese President Xi Jinping pledged on Saturday to deepen economic and connectivity ties as their governments attempt to stabilise relations after years of tensions.
Why it matters: Thailand is not a BRICS member, but the bloc’s expansion and growing focus on payments, trade and supply chains could affect ASEAN companies operating between China, India and the Gulf. Greater use of alternative payment systems and new trade corridors could also reduce transaction costs for Thai exporters while increasing competition for investment and regional supply chains.
