Leaders of the expanded BRICS bloc gathered in New Delhi on September 12, 2026, for their annual summit under India’s presidency. The meetings addressed local-currency settlements, critical minerals, and artificial intelligence, navigating deep internal divisions over global conflicts and economic strategy without establishing a common currency.
The annual summit in the Indian capital brought together the leaders of an expanded bloc that now accounts for approximately 49.5% of the world’s population, 40% of global GDP, and 26% of global trade, according to Indian government figures cited by KumDi.com. Set against a backdrop of mounting geopolitical tensions, shipping disruptions, and volatile energy markets, the 18th summit tested whether a group with radically divergent foreign policy interests could translate high-level ambitions into practical cooperation.
Institutional Growth and the New Delhi Agenda
While political declarations often capture headlines, India’s 2026 presidency attempted to ground the bloc in institutional mechanics. Conducted under the theme Building for Resilience, Innovation, Cooperation and Sustainability,
the Indian chairmanship organized more than 350 meetings and high-level engagements across 25 cities. These sessions spanned trade, finance, health, agriculture, technology, energy, industry, and climate.
The grouping has traveled a long way since Goldman Sachs Chief Economist Jim O’Neill coined the acronym BRIC in a 2001 research paper highlighting the growth potential of Brazil, Russia, India, and China. South Africa joined in 2011, followed by a substantial expansion wave in 2024 that brought in Egypt, Ethiopia, Iran, and the United Arab Emirates, alongside Indonesia in 2025. Saudi Arabia has also been invited to join the bloc.
The most prominent institutional pillar remains the New Development Bank, established in 2015 to finance infrastructure and sustainable development projects in emerging markets. According to its website, the bank has approved 139 projects worth nearly $43 billion (Reuters reports the figure at approximately $43 billion). However, the bank suspended new transactions in Russia following the imposition of international sanctions.
Local Currencies, Digital Payments, and the Dollar Question
One of the most anticipated questions ahead of the summit was whether BRICS would establish a common currency to challenge the U.S. dollar, an idea floated by Brazil last year but ultimately scrapped. The New Delhi Declaration answered with a decisive no on a common currency, opting instead for practical financial interoperability.
Instead of a unified legal tender, members are advancing the BRICS Pay System through a dedicated payment task force aimed at linking national fast payment systems. Central bank digital currencies are also under exploration to enable cross-border settlements without relying on dollar-based correspondent banks.
Bilateral testing reflects a broader push to settle trade in national currencies.
Industrialization, Critical Minerals, and African Priorities
For developing economies, particularly in Africa, the 2026 agenda moved well past traditional demands for development aid. The New Delhi Declaration explicitly links reliable and diversified critical-mineral supply chains to value addition and economic diversification in resource-rich nations.
South African officials pressed for industrialization and beneficiation to ensure that the continent does not remain a simple exporter of raw minerals and agricultural commodities while importing finished industrial goods. The declaration supports granting developing countries greater access to higher-value segments of global manufacturing through targeted investment, productive capacity, technology transfer, and technical cooperation.
Navigating Geopolitical Friction and Divergent Interests
Beneath the institutional progress lie deep fractures. While Russia and China view the bloc as a direct counterweight to Western influence, members like India and Brazil frame BRICS primarily as a platform for economic cooperation and reform of global governance.
The 2024 expansion significantly complicated this consensus-driven model. Divergent foreign policy interests hindered agreement during the BRICS foreign ministers’ meeting in New Delhi in May, setting up a high-stakes diplomatic test at the September summit. India faced the delicate task of bridging differences between Tehran and Washington ally Abu Dhabi, which sit on opposing sides of the U.S.-Iran war.
Meanwhile, the broader Western response remains cautious, viewing the bloc as a slow-moving vehicle capable of shifting global geopolitical weight. U.S. President Donald Trump has repeatedly criticized the grouping as anti-American
and threatened tariff penalties against members attempting to establish a rival currency or displace the greenback.
By prioritizing payment mechanisms, critical mineral supply chains, and institutional frameworks over a premature common currency, the 2026 summit demonstrated that the expanded BRICS bloc intends to institutionalize practical cooperation even as its members pull in competing geopolitical directions.
