Amid growing chatter over the possibility of BRICS countries launching a common currency, India on Saturday &nbsp;(Sept 12) made it clear that no such proposal is currently under consideration by the grouping.&nbsp;Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said BRICS members are instead continuing discussions on settling bilateral trade in local currencies to lower transaction costs.&nbsp;“There is no proposal in the BRICS for a BRICS currency, as of now,” Dalela said while briefing the media after the 18th BRICS Summit in New Delhi.&nbsp;His remarks came as BRICS countries continued efforts to strengthen cross-border payment mechanisms and make trade between member nations more efficient. While the grouping is exploring greater use of local currencies for trade settlements, the discussions do not currently involve creating a single BRICS currency.<h2>BRICS focuses on local currency trade settlements</h2>Dalela said discussions on settling trade in local currencies have been taking place within BRICS for some time and are not a new initiative.&nbsp;“Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” he said.&nbsp;He described local currency settlement as a practical option for bilateral trade that could help reduce transaction costs. However, he stressed that the mechanism is not intended to replace the existing global payment and settlement framework.&nbsp;“We believe local currency settlement is a practical mechanism to reduce transaction cost in bilateral trade. This has been encouraged as complementary to global payment and settlement system, improving overall global trade across nations,” Dalela said.&nbsp;The New Delhi Declaration backed continued work on trade settlements and investments using BRICS local currencies, while recognising national priorities and the absence of a one-size-fits-all approach. It also said the BRICS Payment Task Force is examining the interoperability of cross-border payment and messaging channels and encouraged it to develop solutions that are “fast, low-cost, more accessible, efficient, transparent, and safe.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/differences-should-not-become-disputes-modi-xi-stress-long-term-india-china-ties-during-bilateral-talks-1789223230359">‘Differences should not become disputes’: Modi, Xi stress long term India-China ties during bilateral talks</a>&nbsp;Beyond payments, the declaration outlined several other economic initiatives, including the New Investment Platform, the Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City. It also referred to amendments to the CRA treaty, greater tax and customs cooperation, and measures to strengthen financing for MSMEs, including the Jaipur Consensus on invoice discounting.&nbsp;The grouping also highlighted cooperation in Special Economic Zones and global value chains, while noting the expanding role of the New Development Bank in supporting BRICS countries.

India has ruled out any current proposal for a common BRICS currency, while saying the grouping is focused on using local currencies for bilateral trade and improving cross-border payment systems.

Amid growing chatter over the possibility of BRICS countries launching a common currency, India on Saturday (Sept 12) made it clear that no such proposal is currently under consideration by the grouping. Sudhakar Dalela, Secretary (Economic Relations) in the Ministry of External Affairs, said BRICS members are instead continuing discussions on settling bilateral trade in local currencies to lower transaction costs. “There is no proposal in the BRICS for a BRICS currency, as of now,” Dalela said while briefing the media after the 18th BRICS Summit in New Delhi. His remarks came as BRICS countries continued efforts to strengthen cross-border payment mechanisms and make trade between member nations more efficient. While the grouping is exploring greater use of local currencies for trade settlements, the discussions do not currently involve creating a single BRICS currency. BRICS focuses on local currency trade settlements Dalela said discussions on settling trade in local currencies have been taking place within BRICS for some time and are not a new initiative. “Discussion on trade settlement in local currency has been underway for some time in BRICS; it's not a new subject,” he said. He described local currency settlement as a practical option for bilateral trade that could help reduce transaction costs. However, he stressed that the mechanism is not intended to replace the existing global payment and settlement framework. “We believe local currency settlement is a practical mechanism to reduce transaction cost in bilateral trade. This has been encouraged as complementary to global payment and settlement system, improving overall global trade across nations,” Dalela said. The New Delhi Declaration backed continued work on trade settlements and investments using BRICS local currencies, while recognising national priorities and the absence of a one-size-fits-all approach. It also said the BRICS Payment Task Force is examining the interoperability of cross-border payment and messaging channels and encouraged it to develop solutions that are “fast, low-cost, more accessible, efficient, transparent, and safe.” Also Read: ‘Differences should not become disputes’: Modi, Xi stress long term India-China ties during bilateral talks Beyond payments, the declaration outlined several other economic initiatives, including the New Investment Platform, the Multilateral Guarantees initiative, a proposed Insurance Resilience Centre and a Risk Lab at GIFT City. It also referred to amendments to the CRA treaty, greater tax and customs cooperation, and measures to strengthen financing for MSMEs, including the Jaipur Consensus on invoice discounting. The grouping also highlighted cooperation in Special Economic Zones and global value chains, while noting the expanding role of the New Development Bank in supporting BRICS countries.

India has ruled out any current proposal for a common BRICS currency, while saying the grouping is focused on using local currencies for bilateral trade and improving cross-border payment systems.

Common BRICS currency not on cards ‘as of now’: MEA backs local currency settlement

As India gears up to host the 18th BRICS Summit in New Delhi on September 12 and 13 under its 2026 chairship, the grouping is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with development, sustainability and innovation at the centre of its agenda.&nbsp;However, the summit comes at a time of significant global economic and geopolitical turmoil. The Russia-Ukraine war has continued for more than four years, while the West Asia conflict between Iran and the United States has spilled into the wider Middle East, disrupting energy supplies and trade routes and sending ripples through the global economy.&nbsp;To understand India's BRICS presidency at a time of such geopolitical flux, WION spoke to Dr Anshu Joshi of the School of International Studies at Jawaharlal Nehru University in New Delhi. As India prepares to host the 18th BRICS Summit in New Delhi, the grouping still lacks a permanent headquarters and bureaucracy, even as it expands its footprint across Asia with new members. Do you think BRICS remains largely a bloc of summits, talks and conferences, without concrete mechanisms to implement its programmes and declarations?&nbsp;Yes, it is true that BRICS does not have a permanent headquarters, and that is a challenge as the bloc rapidly expands. However, we cannot say that the absence of a headquarters means BRICS is only about optics. We have to understand the rapid expansion and dynamism BRICS has shown in the past couple of years.&nbsp;BRICS works through a consensus-driven, rotating chair system that helps manage the complex dynamics among its member nations. India is also proposing to formalise BRICS' institutional footprint by establishing a permanent secretariat in New Delhi.&nbsp;When we talk about the tangible and institutionalised outcomes of BRICS, we must look at the New Development Bank, which is a concrete mechanism. It has financed over $30 billion to $35 billion in infrastructure projects across member nations, including India.&nbsp;BRICS now also includes major energy and economic players, including Iran, the UAE, Saudi Arabia, Egypt, Ethiopia and Indonesia. This demonstrates how the bloc is expanding across a significant part of the Global South.&nbsp;As I mentioned, India has proposed establishing a BRICS headquarters in New Delhi. Hopefully, after this summit or in the New Delhi Declaration, we may get some positive news on this.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/brics-summit-modi-guterres-discuss-west-asia-ukraine-and-un-reforms-1789149159261">BRICS Summit: Modi-Guterres discuss West Asia, Ukraine and UN reforms</a>&nbsp;BRICS is increasingly being seen as a challenger to the US-led Western financial system, with talks of de-dollarisation gaining momentum. Even President Trump has threatened the grouping over efforts to challenge dollar dominance. Is BRICS planning to roll out a new financial system, currency or agreement at the upcoming summit?&nbsp;I am not sure, but there is certainly talk that BRICS could roll out a single common currency. However, that is not the case. We have to understand the difference between a common currency and interoperable digital payment mechanisms.&nbsp;Under such mechanisms, BRICS nations can trade in their own currencies. India and Russia, for instance, conduct a significant part of their trade in rupees and roubles.&nbsp;The core intention of BRICS has always been to address the economic challenges faced by Global South nations and emerging economies. One of the obstacles in achieving this objective is the dominance of the US dollar.&nbsp;There has been speculation that BRICS could introduce its own common currency, but that has several challenges and there is a lot of work to be done in that direction. Instead, BRICS is promoting an alternative financial framework based on greater use of local currencies.&nbsp;This includes expanding local currency trade settlements to reduce dependence on the US dollar, along with mechanisms such as BRICS Pay, a proposed cross-border payment system designed to operate independently of Western networks such as SWIFT.&nbsp;Such a system could allow countries such as Russia, which has been excluded from SWIFT, to participate in trade using their local currencies. It represents a significant shift towards financial autonomy, which is a key goal for Global South nations.&nbsp;That is why the US and other Western countries view these efforts as a challenge to the dollar-based financial system. However, the core objective of BRICS is to ensure financial autonomy and currency sovereignty for its member nations.&nbsp;The West Asia war has put India's BRICS presidency in a difficult position. With Saudi Arabia, the UAE and Iran part of BRICS, will it be a challenge for New Delhi to secure a consensus declaration, similar to the one India achieved during its G20 presidency despite the Russia-Ukraine conflict?&nbsp;I don't think so. Apart from BRICS' principle of multi-alignment, we have to look at how India has strengthened its bilateral diplomatic relations with BRICS members, including Russia and Iran. There are certain challenges with China, but India has very good relations with most of the other members, including Egypt, Ethiopia, Iran, the UAE and Saudi Arabia.&nbsp;When we look at the agenda India is likely to push through the 18th BRICS Summit in New Delhi and the New Delhi Declaration, it would have to consider the complex dynamics in Asia, particularly the situation in West Asia and the Russia-Ukraine conflict.&nbsp;There are also challenges facing member nations, ranging from energy security and supply chain disruptions to difficulties related to manufacturing, logistics, infrastructure development and connectivity.&nbsp;India is likely to keep these issues at the centre of the New Delhi Declaration because they are of significance to every member nation. I don't think member nations would have major difficulties in adopting these agenda items because they serve their own national interests.&nbsp;Just as India managed to adopt the Delhi Declaration without a single dissent during the G20 Summit in New Delhi in September 2023, I believe it can achieve a similar outcome with the BRICS declaration. There will be diplomatic complexities, but India could once again prove itself to be a diplomatic champion.&nbsp;India's regular presence at the Western-dominated G7, alongside its membership of groupings such as the SCO and BRICS, puts New Delhi in a delicate position. How can India effectively manage its multi-alignment policy amid growing global headwinds?&nbsp;India has been successfully navigating multi-alignment amid different global headwinds and challenges. It has structured its foreign policy in a way that allows it to engage with Western platforms such as the G7 and Quad, while also participating in non-Western forums such as BRICS and the SCO.&nbsp;India has made it clear that being part of BRICS or the SCO does not mean opposing the West. It is not about being anti-West. It is about being non-Western while pursuing India's own national interests, strategic autonomy and a multipolar world.&nbsp;India has followed a multi-pronged approach, building coalitions based on specific issues. It engages with the G7 on areas such as high-tech transfers, defence production and green financing, while using BRICS to promote greater representation and leadership for the Global South.&nbsp;India also works to ensure that BRICS does not become purely anti-Western or China-centric. It has consistently promoted the idea of BRICS as non-Western rather than anti-Western and has advocated strategic autonomy for member nations and even invited countries from the Global South.&nbsp;Instead of aligning itself with any ideological bloc, India seeks to protect its own interests while remaining a vital geopolitical swing state that engages across platforms and promotes a positive Global South agenda.&nbsp;BRICS+ has become an economic heavyweight, surpassing the G7 in its share of global GDP, while its combined military capabilities are also significant. Do you see the bloc eventually moving beyond climate, governance and trade to challenge US-led Western influence in military terms?&nbsp;No, BRICS is not a military alliance. From the beginning, its core agenda has focused on financial autonomy, economic development and infrastructure, particularly for Global South nations.&nbsp;It is highly unlikely that BRICS will transform into a military alliance. It is not like NATO. Any military bloc requires shared security perceptions, and there are significant differences within BRICS. Mutual defence pacts would also be necessary, and those do not exist within BRICS.&nbsp;There are disputes between India and China, while several other member nations have their own bilateral defence agreements with the US. Egypt, the UAE and Brazil, for instance, have deep defence ties with Washington.&nbsp;Therefore, BRICS+ is likely to remain focused on economic multipolarity, financial autonomy, alternative trade architecture and global governance reforms rather than becoming a military counterweight to NATO or the US.

India's 2026 BRICS presidency faces the challenge of steering the expanding bloc towards greater financial autonomy and a multipolar world amid ongoing wars, geopolitical tensions and global economic uncertainty.

As India gears up to host the 18th BRICS Summit in New Delhi on September 12 and 13 under its 2026 chairship, the grouping is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability”, with development, sustainability and innovation at the centre of its agenda. However, the summit comes at a time of significant global economic and geopolitical turmoil. The Russia-Ukraine war has continued for more than four years, while the West Asia conflict between Iran and the United States has spilled into the wider Middle East, disrupting energy supplies and trade routes and sending ripples through the global economy. To understand India's BRICS presidency at a time of such geopolitical flux, WION spoke to Dr Anshu Joshi of the School of International Studies at Jawaharlal Nehru University in New Delhi. As India prepares to host the 18th BRICS Summit in New Delhi, the grouping still lacks a permanent headquarters and bureaucracy, even as it expands its footprint across Asia with new members. Do you think BRICS remains largely a bloc of summits, talks and conferences, without concrete mechanisms to implement its programmes and declarations? Yes, it is true that BRICS does not have a permanent headquarters, and that is a challenge as the bloc rapidly expands. However, we cannot say that the absence of a headquarters means BRICS is only about optics. We have to understand the rapid expansion and dynamism BRICS has shown in the past couple of years. BRICS works through a consensus-driven, rotating chair system that helps manage the complex dynamics among its member nations. India is also proposing to formalise BRICS' institutional footprint by establishing a permanent secretariat in New Delhi. When we talk about the tangible and institutionalised outcomes of BRICS, we must look at the New Development Bank, which is a concrete mechanism. It has financed over $30 billion to $35 billion in infrastructure projects across member nations, including India. BRICS now also includes major energy and economic players, including Iran, the UAE, Saudi Arabia, Egypt, Ethiopia and Indonesia. This demonstrates how the bloc is expanding across a significant part of the Global South. As I mentioned, India has proposed establishing a BRICS headquarters in New Delhi. Hopefully, after this summit or in the New Delhi Declaration, we may get some positive news on this. Also Read: BRICS Summit: Modi-Guterres discuss West Asia, Ukraine and UN reforms BRICS is increasingly being seen as a challenger to the US-led Western financial system, with talks of de-dollarisation gaining momentum. Even President Trump has threatened the grouping over efforts to challenge dollar dominance. Is BRICS planning to roll out a new financial system, currency or agreement at the upcoming summit? I am not sure, but there is certainly talk that BRICS could roll out a single common currency. However, that is not the case. We have to understand the difference between a common currency and interoperable digital payment mechanisms. Under such mechanisms, BRICS nations can trade in their own currencies. India and Russia, for instance, conduct a significant part of their trade in rupees and roubles. The core intention of BRICS has always been to address the economic challenges faced by Global South nations and emerging economies. One of the obstacles in achieving this objective is the dominance of the US dollar. There has been speculation that BRICS could introduce its own common currency, but that has several challenges and there is a lot of work to be done in that direction. Instead, BRICS is promoting an alternative financial framework based on greater use of local currencies. This includes expanding local currency trade settlements to reduce dependence on the US dollar, along with mechanisms such as BRICS Pay, a proposed cross-border payment system designed to operate independently of Western networks such as SWIFT. Such a system could allow countries such as Russia, which has been excluded from SWIFT, to participate in trade using their local currencies. It represents a significant shift towards financial autonomy, which is a key goal for Global South nations. That is why the US and other Western countries view these efforts as a challenge to the dollar-based financial system. However, the core objective of BRICS is to ensure financial autonomy and currency sovereignty for its member nations. The West Asia war has put India's BRICS presidency in a difficult position. With Saudi Arabia, the UAE and Iran part of BRICS, will it be a challenge for New Delhi to secure a consensus declaration, similar to the one India achieved during its G20 presidency despite the Russia-Ukraine conflict? I don't think so. Apart from BRICS' principle of multi-alignment, we have to look at how India has strengthened its bilateral diplomatic relations with BRICS members, including Russia and Iran. There are certain challenges with China, but India has very good relations with most of the other members, including Egypt, Ethiopia, Iran, the UAE and Saudi Arabia. When we look at the agenda India is likely to push through the 18th BRICS Summit in New Delhi and the New Delhi Declaration, it would have to consider the complex dynamics in Asia, particularly the situation in West Asia and the Russia-Ukraine conflict. There are also challenges facing member nations, ranging from energy security and supply chain disruptions to difficulties related to manufacturing, logistics, infrastructure development and connectivity. India is likely to keep these issues at the centre of the New Delhi Declaration because they are of significance to every member nation. I don't think member nations would have major difficulties in adopting these agenda items because they serve their own national interests. Just as India managed to adopt the Delhi Declaration without a single dissent during the G20 Summit in New Delhi in September 2023, I believe it can achieve a similar outcome with the BRICS declaration. There will be diplomatic complexities, but India could once again prove itself to be a diplomatic champion. India's regular presence at the Western-dominated G7, alongside its membership of groupings such as the SCO and BRICS, puts New Delhi in a delicate position. How can India effectively manage its multi-alignment policy amid growing global headwinds? India has been successfully navigating multi-alignment amid different global headwinds and challenges. It has structured its foreign policy in a way that allows it to engage with Western platforms such as the G7 and Quad, while also participating in non-Western forums such as BRICS and the SCO. India has made it clear that being part of BRICS or the SCO does not mean opposing the West. It is not about being anti-West. It is about being non-Western while pursuing India's own national interests, strategic autonomy and a multipolar world. India has followed a multi-pronged approach, building coalitions based on specific issues. It engages with the G7 on areas such as high-tech transfers, defence production and green financing, while using BRICS to promote greater representation and leadership for the Global South. India also works to ensure that BRICS does not become purely anti-Western or China-centric. It has consistently promoted the idea of BRICS as non-Western rather than anti-Western and has advocated strategic autonomy for member nations and even invited countries from the Global South. Instead of aligning itself with any ideological bloc, India seeks to protect its own interests while remaining a vital geopolitical swing state that engages across platforms and promotes a positive Global South agenda. BRICS+ has become an economic heavyweight, surpassing the G7 in its share of global GDP, while its combined military capabilities are also significant. Do you see the bloc eventually moving beyond climate, governance and trade to challenge US-led Western influence in military terms? No, BRICS is not a military alliance. From the beginning, its core agenda has focused on financial autonomy, economic development and infrastructure, particularly for Global South nations. It is highly unlikely that BRICS will transform into a military alliance. It is not like NATO. Any military bloc requires shared security perceptions, and there are significant differences within BRICS. Mutual defence pacts would also be necessary, and those do not exist within BRICS. There are disputes between India and China, while several other member nations have their own bilateral defence agreements with the US. Egypt, the UAE and Brazil, for instance, have deep defence ties with Washington. Therefore, BRICS+ is likely to remain focused on economic multipolarity, financial autonomy, alternative trade architecture and global governance reforms rather than becoming a military counterweight to NATO or the US.

India's 2026 BRICS presidency faces the challenge of steering the expanding bloc towards greater financial autonomy and a multipolar world amid ongoing wars, geopolitical tensions and global economic uncertainty.

WION Expertspeak: Understanding India's BRICS presidency amid wars, trade tensions and global turmoil

BRICS arrives at its 18th summit in New Delhi with an expanded membership of 11 countries and 10 partners, together accounting for close to half the world's population and roughly 40 per cent of global GDP.&nbsp;According to a briefing by the research group Climate Trends, over the past year, India's chairship has convened more than 350 meetings across 25 cities, producing around 20 sectoral agreements on energy, agriculture and urban planning. But the same briefing flags a consistent pattern behind those numbers: the outcomes are voluntary and non-binding, and none of them is backed by a dedicated financing mechanism — a gap that becomes harder to ignore against the New Development Bank's own reported climate-lending figures, which sit below the target the bank has set for itself.&nbsp;On energy specifically, that BRICS has adopted guiding principles on energy storage and smart grids, and launched a Digital Centre of Excellence for Smart Grids and Energy Storage, with cooperation extending to hydrogen, biofuels, critical minerals and carbon capture. The bloc's membership spans both major energy producers and consumers, alongside countries holding significant renewable-energy capacity.&nbsp;Dammu Ravi, former Secretary for Economic Affairs at India's Ministry of External Affairs, frames this as an opening for joint projects rather than parallel national ones. "No single country can do these energy projects alone," he said, citing China's capital, technology and critical-mineral capacity, India's renewable-energy investment base, Brazil's experience with flex-fuel biofuels and Russia's nuclear expertise, including small modular reactors. Combined, he said, these strengths could support what he called "gigawatt scale mega projects." He added that "political and bilateral issues" among members would still need to be resolved.&nbsp;Beyond energy generation, the briefing lists BRICS principles on community-based climate adaptation and traditional and indigenous knowledge systems, along with initiatives on regenerative agriculture, digital farming and climate-resilient logistics, and a proposed urban mobility and research network aimed at building climate and disaster risk into city planning. It characterizes all of these as cooperation and knowledge-sharing platforms rather than binding commitments.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/economic-bridges-not-barriers-pm-modi-flags-trade-barriers-seafarer-safety-at-brics-business-forum-1789132762442">‘Economic bridges, not barriers’: PM Modi flags trade barriers, seafarer safety at BRICS Business Forum</a>&nbsp;On financing, according to &nbsp;the New Development Bank's own figures, it’s authorized capital of $100 billion, against $53.4 billion subscribed and roughly $42.9 billion in cumulative approvals across 139 projects. The Bank reported climate finance stood at $8.1 billion at the end of 2024, or 23 per cent of the Bank's portfolio, with mitigation lending far outpacing adaptation.&nbsp;Ravi argues that renewable-energy models developed in India and China could be replicated in other parts of the Global South, particularly Africa, but says the missing elements are financing structures, incentives and mechanisms to reduce investment risk.&nbsp;Experts also raise a technology question that BRICS has not yet addressed: rising electricity demand from data centres tied to AI and digital agriculture initiatives, in economies where additional power generation still relies significantly on coal.&nbsp;On fossil fuels, the briefing notes that BRICS energy ministers have emphasized flexibility based on national circumstances and development priorities, and that the bloc continues to recognize a continuing role for fossil fuels alongside its just-transition language — a position it describes as consistent with the bloc's stance in prior years rather than a new shift.&nbsp;Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute, described the bloc's approach as "variable geometry" — cooperation where interests overlap even amid disagreement elsewhere. "Climate change is clearly one area where this diverse group has a shared interest," he said, pointing to falling clean-energy costs and mounting climate impacts as reasons for collective action.&nbsp;The period after the summit is the real test of the chairship: whether the agreements reached this year convert into investment, technology partnerships and actual projects. With COP31 set to open in Antalya in November, &nbsp;that BRICS' positions on adaptation finance, just transition and carbon accounting could shape what a large share of the Global South brings into those negotiations.

BRICS’ expanded climate cooperation under India’s chairship has produced hundreds of meetings and sectoral agreements, but experts flag the lack of dedicated financing and binding commitments as the bloc’s key challenge in turning plans into projects.

BRICS arrives at its 18th summit in New Delhi with an expanded membership of 11 countries and 10 partners, together accounting for close to half the world's population and roughly 40 per cent of global GDP. According to a briefing by the research group Climate Trends, over the past year, India's chairship has convened more than 350 meetings across 25 cities, producing around 20 sectoral agreements on energy, agriculture and urban planning. But the same briefing flags a consistent pattern behind those numbers: the outcomes are voluntary and non-binding, and none of them is backed by a dedicated financing mechanism — a gap that becomes harder to ignore against the New Development Bank's own reported climate-lending figures, which sit below the target the bank has set for itself. On energy specifically, that BRICS has adopted guiding principles on energy storage and smart grids, and launched a Digital Centre of Excellence for Smart Grids and Energy Storage, with cooperation extending to hydrogen, biofuels, critical minerals and carbon capture. The bloc's membership spans both major energy producers and consumers, alongside countries holding significant renewable-energy capacity. Dammu Ravi, former Secretary for Economic Affairs at India's Ministry of External Affairs, frames this as an opening for joint projects rather than parallel national ones. "No single country can do these energy projects alone," he said, citing China's capital, technology and critical-mineral capacity, India's renewable-energy investment base, Brazil's experience with flex-fuel biofuels and Russia's nuclear expertise, including small modular reactors. Combined, he said, these strengths could support what he called "gigawatt scale mega projects." He added that "political and bilateral issues" among members would still need to be resolved. Beyond energy generation, the briefing lists BRICS principles on community-based climate adaptation and traditional and indigenous knowledge systems, along with initiatives on regenerative agriculture, digital farming and climate-resilient logistics, and a proposed urban mobility and research network aimed at building climate and disaster risk into city planning. It characterizes all of these as cooperation and knowledge-sharing platforms rather than binding commitments. Also Read: ‘Economic bridges, not barriers’: PM Modi flags trade barriers, seafarer safety at BRICS Business Forum On financing, according to the New Development Bank's own figures, it’s authorized capital of $100 billion, against $53.4 billion subscribed and roughly $42.9 billion in cumulative approvals across 139 projects. The Bank reported climate finance stood at $8.1 billion at the end of 2024, or 23 per cent of the Bank's portfolio, with mitigation lending far outpacing adaptation. Ravi argues that renewable-energy models developed in India and China could be replicated in other parts of the Global South, particularly Africa, but says the missing elements are financing structures, incentives and mechanisms to reduce investment risk. Experts also raise a technology question that BRICS has not yet addressed: rising electricity demand from data centres tied to AI and digital agriculture initiatives, in economies where additional power generation still relies significantly on coal. On fossil fuels, the briefing notes that BRICS energy ministers have emphasized flexibility based on national circumstances and development priorities, and that the bloc continues to recognize a continuing role for fossil fuels alongside its just-transition language — a position it describes as consistent with the bloc's stance in prior years rather than a new shift. Li Shuo, director of the China Climate Hub at the Asia Society Policy Institute, described the bloc's approach as "variable geometry" — cooperation where interests overlap even amid disagreement elsewhere. "Climate change is clearly one area where this diverse group has a shared interest," he said, pointing to falling clean-energy costs and mounting climate impacts as reasons for collective action. The period after the summit is the real test of the chairship: whether the agreements reached this year convert into investment, technology partnerships and actual projects. With COP31 set to open in Antalya in November, that BRICS' positions on adaptation finance, just transition and carbon accounting could shape what a large share of the Global South brings into those negotiations.

BRICS’ expanded climate cooperation under India’s chairship has produced hundreds of meetings and sectoral agreements, but experts flag the lack of dedicated financing and binding commitments as the bloc’s key challenge in turning plans into projects.

BRICS built 350 meetings' worth of climate cooperation this year, almost none of it comes with money

Can BRICS emerge as a genuine counterweight to the West?

As India hosts the 18th BRICS Summit in New Delhi, the expanded grouping is attracting fresh attention as the global balance of power undergoes major changes. China, Russia, India and other BRICS members are pushing for greater cooperation across trade, finance, technology and the wider Global South.

The bloc has also discussed local-currency trade and alternative payment mechanisms, raising questions about the long-term dominance of Western-led financial systems. But BRICS is far from a unified anti-Western alliance. India continues to maintain strategic partnerships with the United States and other Western powers, while differences between BRICS members could make deeper coordination difficult.

With Xi Jinping, Vladimir Putin and other leaders expected in New Delhi, the 2026 summit could reveal how far BRICS can actually go in reshaping the global power equation.

Can BRICS become a true counterweight to the West — or will its internal divisions limit its ambitions?

 Can Brics Emerge as a Counterweight to the West? 

India is positioning itself as a leading voice of the Global South as New Delhi hosts the 18th BRICS Summit on September 12–13, 2026.

With India holding the BRICS chairship, the summit provides New Delhi with a major platform to push issues affecting developing and emerging economies, including trade, investment, technology, digital payments, development and reforms to global institutions.

The expanded BRICS grouping brings together major emerging economies at a time of intense geopolitical tensions. India is seeking to use its diplomatic relationships across different power blocs while presenting BRICS as a platform for cooperation and a stronger voice for the Global South.

Watch this report for the latest from BRICS 2026, India’s diplomatic push and New Delhi’s growing role on the global stage.

 India Positioning Itself As Leading Voice of the Global South

Security has been stepped up across New Delhi ahead of the 18th BRICS Summit, with Bharat Mandapam set to host the two day meeting on September 12 and 13. Delhi Police has deployed thousands of personnel and put in place a multi layered security plan covering key venues, routes, hotels and other important locations.&nbsp;Around 15,000 Delhi Police personnel and nearly 200 companies of paramilitary forces have been mobilised for the event. Specialised surveillance cameras have also been installed along important routes to strengthen monitoring and support traffic enforcement.&nbsp;India is hosting the summit under the theme, “Building for Resilience, Innovation, Cooperation and Sustainability." The event is expected to bring international leaders and their delegations to Bharat Mandapam, leading authorities to put extensive security measures in place across the capital.<h3>Putin's hotel turned into high security zone</h3>Russian President Vladimir Putin is expected to arrive in Delhi on September 11 and stay at the Maurya Hotel. The property has been placed under tight security, with a four layer security cordon established for his protection.&nbsp;The first layer will consist of the CPT, or Close Protection Team. Its personnel will provide close protection to Putin and remain with him throughout his stay.&nbsp;Chinese President Xi Jinping is expected to reach Delhi on September 12. After arriving at Palam Air Force Station, he is scheduled to travel to the Maurya and Taj hotels.&nbsp;Special security teams from Russia and China have already reached Delhi and are overseeing arrangements at the hotels where the two leaders will stay.&nbsp;Also Read: <a href="https://www.wionews.com/world/pakistan-walks-back-on-houthi-warning-rules-out-military-action-under-mecca-pact-1789048794860">Pakistan walks back Houthi threat, rules out military action as rebels target Saudi Arabia</a><h3>Multi agency security plan across national capital</h3>Special Commissioner of Police (Protective/Security Division) Manish Kumar Agrawal said Delhi Police had worked with several government and security agencies to prepare for the summit.&nbsp;"We have made elaborate bandobast by ensuring minimum inconvenience to the public. We have also issued advance advisories regarding traffic arrangements, " Agrawal said.&nbsp;He said police teams had surveyed routes and important locations in detail and prepared arrangements covering security, traffic and law and order.&nbsp;The security plan includes the airport, hotels hosting visiting dignitaries, Bharat Mandapam and other places where scheduled or unscheduled meetings could take place. Access control, verification, vigilance and surveillance measures have been arranged at key points.&nbsp;Emergency response systems have also been prepared to deal with any untoward incident or disaster like situation. These arrangements include provisions for evacuation if required.&nbsp;Delhi Police has coordinated with the Ministry of Home Affairs, Ministry of External Affairs, Ministry of Commerce, NSG, Intelligence Bureau and various Central Armed Police Forces.&nbsp;"We have coordinated with all these agencies and also carried out extensive surveys of the routes to make the necessary arrangements and ensure that there is no disruption or security lapse", Agrawal said.&nbsp;Police have also held coordination meetings with neighbouring states and are maintaining contact over intelligence inputs, border security and the movement of manpower and material.&nbsp;Agrawal said the overall effort was focused on conducting the summit safely and smoothly while keeping inconvenience to the public to a minimum. He also pointed to Delhi Police's experience in managing major events, including the G20 Summit, International Solar Alliance programmes and other large gatherings.

Delhi has deployed 15,000 police personnel and nearly 200 paramilitary companies while securing routes and fortifying hotels ahead of the 18th BRICS Summit.

Security has been stepped up across New Delhi ahead of the 18th BRICS Summit, with Bharat Mandapam set to host the two day meeting on September 12 and 13. Delhi Police has deployed thousands of personnel and put in place a multi layered security plan covering key venues, routes, hotels and other important locations. Around 15,000 Delhi Police personnel and nearly 200 companies of paramilitary forces have been mobilised for the event. Specialised surveillance cameras have also been installed along important routes to strengthen monitoring and support traffic enforcement. India is hosting the summit under the theme, “Building for Resilience, Innovation, Cooperation and Sustainability." The event is expected to bring international leaders and their delegations to Bharat Mandapam, leading authorities to put extensive security measures in place across the capital. Putin's hotel turned into high security zone Russian President Vladimir Putin is expected to arrive in Delhi on September 11 and stay at the Maurya Hotel. The property has been placed under tight security, with a four layer security cordon established for his protection. The first layer will consist of the CPT, or Close Protection Team. Its personnel will provide close protection to Putin and remain with him throughout his stay. Chinese President Xi Jinping is expected to reach Delhi on September 12. After arriving at Palam Air Force Station, he is scheduled to travel to the Maurya and Taj hotels. Special security teams from Russia and China have already reached Delhi and are overseeing arrangements at the hotels where the two leaders will stay. Also Read: Pakistan walks back Houthi threat, rules out military action as rebels target Saudi Arabia Multi agency security plan across national capital Special Commissioner of Police (Protective/Security Division) Manish Kumar Agrawal said Delhi Police had worked with several government and security agencies to prepare for the summit. "We have made elaborate bandobast by ensuring minimum inconvenience to the public. We have also issued advance advisories regarding traffic arrangements, " Agrawal said. He said police teams had surveyed routes and important locations in detail and prepared arrangements covering security, traffic and law and order. The security plan includes the airport, hotels hosting visiting dignitaries, Bharat Mandapam and other places where scheduled or unscheduled meetings could take place. Access control, verification, vigilance and surveillance measures have been arranged at key points. Emergency response systems have also been prepared to deal with any untoward incident or disaster like situation. These arrangements include provisions for evacuation if required. Delhi Police has coordinated with the Ministry of Home Affairs, Ministry of External Affairs, Ministry of Commerce, NSG, Intelligence Bureau and various Central Armed Police Forces. "We have coordinated with all these agencies and also carried out extensive surveys of the routes to make the necessary arrangements and ensure that there is no disruption or security lapse", Agrawal said. Police have also held coordination meetings with neighbouring states and are maintaining contact over intelligence inputs, border security and the movement of manpower and material. Agrawal said the overall effort was focused on conducting the summit safely and smoothly while keeping inconvenience to the public to a minimum. He also pointed to Delhi Police's experience in managing major events, including the G20 Summit, International Solar Alliance programmes and other large gatherings.

Delhi has deployed 15,000 police personnel and nearly 200 paramilitary companies while securing routes and fortifying hotels ahead of the 18th BRICS Summit.

15,000 police, 200 paramilitary companies deployed, routes secured, hotels fortified as Delhi gears up for BRICS Summit

Can India become the bridge that a deeply divided world desperately needs?

As New Delhi prepares to host the BRICS Summit 2026, Prime Minister Narendra Modi’s diplomatic balancing act comes under the global spotlight. With leaders from Russia, China and Iran expected in New Delhi, key bilateral meetings could offer opportunities for dialogue amid some of the world’s most dangerous conflicts.

The Russia-Ukraine war and the conflict involving Iran, the US and Israel remain major challenges. India maintains working relationships with countries on opposing sides of these conflicts, giving New Delhi a unique diplomatic position.

But can BRICS become a meaningful space for peace? And can India use its role as BRICS chair to build common ground among members with competing interests?

WION speaks to former Indian ambassador and diplomat Gurjit Singh about India’s diplomatic role, the expansion of BRICS, China’s vision for the bloc and New Delhi’s challenge of keeping BRICS focused on the Global South.

Watch the full report and interview for an in-depth look at India’s biggest diplomatic test at BRICS 2026.

BRICS 2026: Modi, Putin & Xi Meet in New Delhi | Is a New Global Power Shift Coming

Amid much chatter, the&nbsp;BRICS Summit, comprising top leaders from Brazil, Russia, India, China and South Africa, is scheduled to begin next week and the entire globe has its eyes on the developments that take place on the platform. Responsible for nearly 40 per cent and 26 per cent of the global population and economy respectively, the forum members will gather from August 22-24 in the city of Johannesburg.&nbsp;

<h2>Here are some key facts about the summit:</h2>

<h3>When and where is the summit?</h3>

As mentioned earlier, the 15th edition of the summit is scheduled to be held in the city of Johannesburg in South Africa from&nbsp;August 22 to 24.&nbsp;The summit will be hosted at the Sandton Convention Centre (SCC) in Johannesburg, Gauteng.

After the COVID-19 pandemic broke out,&nbsp;this will be the first in-person BRICS summit, which makes the gathering all the more crucial.&nbsp;

<h3>Who is the president?</h3>

South Africa took over the rotating presidency of the grouping from China on 1 January 2023. Consequently, the African nation announced the theme of the summit as&nbsp;"BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism".

Notably, South Africa&nbsp;participated for the first time in BRICS during the third summit held in Sanya, China in April 2011. Prior to South Africa's participation, the forum was named BRIC, coined by Jim O’Neil of Goldman Sachs in 2001.&nbsp;

<h3>What are the priorities?</h3>

As the president, South Africa has listed&nbsp;a wide array of priorities for the summit, which include:&nbsp;

1) Developing a partnership towards an equitable just transition.&nbsp;

2)&nbsp;Transforming education and skills development for the future.

3) Unlocking opportunities through the African Continental Free Trade Area.&nbsp;

4)&nbsp;Strengthening post-pandemic socio-economic recovery and the attainment of the 2030 Agenda on Sustainable Development.&nbsp;

5)&nbsp;Strengthening multilateralism, including working towards real reform of global governance institutions and strengthening the meaningful participation of women in peace processes

<h3>Who will attend?</h3>

Indian Prime Minister Narendra Modi,&nbsp;President Xi Jinping of China,&nbsp;Brazil's President Luiz Lula da Silva and&nbsp;South African President Cyril Ramaphosa are expected to attend the summit.&nbsp;

However, Russian President Vladimir Putin will not attend the summit in person, according to Ramaphosa. According to reports, the arrest warrant issued by&nbsp;the&nbsp;International Criminal Court against Putin for alleged war crimes in Ukraine is the reason for Putin's absence. Since South Africa is an ICC signatory, it is compelled to arrest Putin if he lands on South African soil.&nbsp;

<a href="https://www.wionews.com/videos/russian-president-putin-to-skip-brics-summit-in-south-africa-617528">Watch |&nbsp;Russian President Putin to skip BRICS Summit in South Africa</a>

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/russian-president-putin-to-skip-brics-summit-in-south-africa-617528/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

In a statement, South Africa's presidency described the agreement for Putin not to attend as "mutual" and said it had come about following a "number of consultations" on the summit. Notably, Foreign Minister&nbsp;Sergei Lavrov will take Putin's place.&nbsp;

As the host nation, South Africa has also extended the invitation to&nbsp;67 leaders from Africa, Latin America, Asia and the Caribbean, informed&nbsp;South African Foreign Minister Naledi Pandor.&nbsp;

<h3>Key issues to be discussed</h3>

One of the burning issues in the lead-up to the summit has been the expansion of the grouping. China, looking to utilise the forum as a way to boost its geopolitical might against the US has been the primary force, batting for the expansion.

Russia, which has been isolated due to the war with Ukraine is fully on-board with the expansion, as is South Africa. India remains undecided and non-committal while Brazil remains highly sceptical of any new inclusion.&nbsp;

While adding members remains the priority, the members are first expected to flesh out the admission criteria for the new joiners. Since the grouping was formulated to bring together emerging economies that seemed set to dominate the world economy by 2050, it remains to be seen if the requirements are tweaked to allow new countries, experts said.&nbsp;

<a href="https://www.wionews.com/opinions-blogs/brics-summit-assessing-dynamics-and-prospects-625982">Also read |&nbsp;BRICS summit: Assessing dynamics and prospects</a>

Notably, over 40 countries, including&nbsp;Argentina, Indonesia, Egypt, Saudi Arabia, Iran, United Arab Emirates and Ethiopia, have expressed interest in joining BRICS.&nbsp;

Apart from new admissions, BRICS leaders will engage with business during the BRICS Business Forum and engage with the New Development Bank, BRICS Business Council and other mechanisms during the summit. South Africa will also continue its outreach to leaders from Africa and the global South and hold a BRICS outreach and BRICS plus dialogue during the summit.&nbsp;

<h3>Controversies leading up to the summit&nbsp;</h3>

Ahead of the summit, South Africa's radical leftist opposition party urged the leaders of the forum from&nbsp;China, India and Brazil to boycott the summit in solidarity with Russia's Vladimir Putin who will not be attending.&nbsp;

"We call on the president of the People's Republic of China, India and Brazil not to come to (the) BRICS summit in solidarity with President Putin," said&nbsp;Julius Malema, leader of&nbsp;South Africa's third-largest party, the Economic Freedom Fighters (EFF).&nbsp;

<a href="https://www.wionews.com/india-news/brics-summit-india-confirms-in-person-participation-of-pm-modi-622104">Also read |&nbsp;India confirms PM Modi's in-person attendance at BRICS summit in South Africa</a>

There were reports by Western media outlets that Indian PM Modi will also not be attending the summit, leading to speculations that the Johannesburg event was a dud even before it started.&nbsp;

However, New Delhi slammed those reports and said PM Modi was attending the summit after he held a telephonic conversation with Ramaphosa.&nbsp;

WATCH WION LIVE HERE:&nbsp;

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" loading="”lazy”" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

Amid much chatter, the BRICS Summit, comprising top leaders from Brazil, Russia, India, China and South Africa, is scheduled to begin next week and the entire globe has its eyes on the developments that take place on the platform.

Amid much chatter, the BRICS Summit, comprising top leaders from Brazil, Russia, India, China and South Africa, is scheduled to begin next week and the entire globe has its eyes on the developments that take place on the platform. Responsible for nearly 40 per cent and 26 per cent of the global population and economy respectively, the forum members will gather from August 22-24 in the city of Johannesburg. Here are some key facts about the summit: When and where is the summit? As mentioned earlier, the 15th edition of the summit is scheduled to be held in the city of Johannesburg in South Africa from August 22 to 24. The summit will be hosted at the Sandton Convention Centre (SCC) in Johannesburg, Gauteng. After the COVID-19 pandemic broke out, this will be the first in-person BRICS summit, which makes the gathering all the more crucial. Who is the president? South Africa took over the rotating presidency of the grouping from China on 1 January 2023. Consequently, the African nation announced the theme of the summit as "BRICS and Africa: Partnership for Mutually Accelerated Growth, Sustainable Development, and Inclusive Multilateralism". Notably, South Africa participated for the first time in BRICS during the third summit held in Sanya, China in April 2011. Prior to South Africa's participation, the forum was named BRIC, coined by Jim O’Neil of Goldman Sachs in 2001. What are the priorities? As the president, South Africa has listed a wide array of priorities for the summit, which include: 1) Developing a partnership towards an equitable just transition. 2) Transforming education and skills development for the future. 3) Unlocking opportunities through the African Continental Free Trade Area. 4) Strengthening post-pandemic socio-economic recovery and the attainment of the 2030 Agenda on Sustainable Development. 5) Strengthening multilateralism, including working towards real reform of global governance institutions and strengthening the meaningful participation of women in peace processes Who will attend? Indian Prime Minister Narendra Modi, President Xi Jinping of China, Brazil's President Luiz Lula da Silva and South African President Cyril Ramaphosa are expected to attend the summit. However, Russian President Vladimir Putin will not attend the summit in person, according to Ramaphosa. According to reports, the arrest warrant issued by the International Criminal Court against Putin for alleged war crimes in Ukraine is the reason for Putin's absence. Since South Africa is an ICC signatory, it is compelled to arrest Putin if he lands on South African soil. Watch | Russian President Putin to skip BRICS Summit in South Africa × In a statement, South Africa's presidency described the agreement for Putin not to attend as "mutual" and said it had come about following a "number of consultations" on the summit. Notably, Foreign Minister Sergei Lavrov will take Putin's place. As the host nation, South Africa has also extended the invitation to 67 leaders from Africa, Latin America, Asia and the Caribbean, informed South African Foreign Minister Naledi Pandor. Key issues to be discussed One of the burning issues in the lead-up to the summit has been the expansion of the grouping. China, looking to utilise the forum as a way to boost its geopolitical might against the US has been the primary force, batting for the expansion. Russia, which has been isolated due to the war with Ukraine is fully on-board with the expansion, as is South Africa. India remains undecided and non-committal while Brazil remains highly sceptical of any new inclusion. While adding members remains the priority, the members are first expected to flesh out the admission criteria for the new joiners. Since the grouping was formulated to bring together emerging economies that seemed set to dominate the world economy by 2050, it remains to be seen if the requirements are tweaked to allow new countries, experts said. Also read | BRICS summit: Assessing dynamics and prospects Notably, over 40 countries, including Argentina, Indonesia, Egypt, Saudi Arabia, Iran, United Arab Emirates and Ethiopia, have expressed interest in joining BRICS. Apart from new admissions, BRICS leaders will engage with business during the BRICS Business Forum and engage with the New Development Bank, BRICS Business Council and other mechanisms during the summit. South Africa will also continue its outreach to leaders from Africa and the global South and hold a BRICS outreach and BRICS plus dialogue during the summit. Controversies leading up to the summit Ahead of the summit, South Africa's radical leftist opposition party urged the leaders of the forum from China, India and Brazil to boycott the summit in solidarity with Russia's Vladimir Putin who will not be attending. "We call on the president of the People's Republic of China, India and Brazil not to come to (the) BRICS summit in solidarity with President Putin," said Julius Malema, leader of South Africa's third-largest party, the Economic Freedom Fighters (EFF). Also read | India confirms PM Modi's in-person attendance at BRICS summit in South Africa There were reports by Western media outlets that Indian PM Modi will also not be attending the summit, leading to speculations that the Johannesburg event was a dud even before it started. However, New Delhi slammed those reports and said PM Modi was attending the summit after he held a telephonic conversation with Ramaphosa. WATCH WION LIVE HERE:

Explained | Key facts about the upcoming BRICS 2023 Summit at Johannesburg

As the BRICS summit in Johannesburg looms on the horizon, Roman Babushkin, the Russian Deputy Chief of Mission in Delhi, has advocated trading in national currencies within&nbsp;the grouping.

Speaking at a recent BRICS meeting hosted by India Foundation, Babushkin stated, "The BRICS members have been taking consistent steps to switch to settlements in national currencies for quite some time now and working out new payment mechanisms."

This move, he suggested, would not only align with the shifting global dynamics but also foster greater financial autonomy within the group.

The meeting was chaired by President of India Foundation (IF) Dr Ram Madhav.

Babushkin took the opportunity to revisit a previous proposal made by Brazilian President Lula de Silva, who floated the idea of a single currency for BRICS.

Babushkin acknowledged the pertinence of this concept in the present context. He also referred to an idea put forward by Russian President Vladimir Putin during the previous year's summit which revolved around the creation of an international reserve currency based on a composite currency basket representing the BRICS economies.

However, the official acknowledged the complexities involved in translating these concepts into reality.

"These ideas demonstrate new tendencies; however, it's clear that a lot of aspects require in-depth study," he cautioned.

One of the primary challenges, he pointed out, pertained to the creation of a single currency. Such a move would necessitate the establishment of a regulatory authority, alongside the synchronisation of macroeconomic and monetary policies across the BRICS nations.

Another avenue proposed by Babushkin involved a BRICS payment instrument that leveraged the collective strength of the currency basket. This mechanism would enable seamless mutual settlements among the member countries, liberating them from dependence on the US dollar.

"On the other hand, a BRICS payment instrument based on the currency basket would help to carry out mutual settlements without any reliance on the US dollar," he said.

Shifting the focus to expansion, Babushkin recognised the magnetism that BRICS held for countries that shared similar values and aspirations. He lauded the efforts of the South African presidency, highlighting the global interest in joining the alliance.

"With over one-third of the world's GDP, a total population of around 3 billion people and a strong desire of other states to join its activities, it is safe to say that BRICS has become an integral element of an evolving multipolar paradigm," he affirmed.

Emphasizing Russia's profound commitment to BRICS, Babushkin said, "From the very beginning, BRICS was one of the top priorities for Russian foreign policy."

He elaborated on the alliance's principles, emphasising its role in promoting equitable collaboration based on international law and legitimate national interests.

The official reiterated that BRICS aimed to complement, rather than confront, existing international economic and financial institutions.

WATCH WION LIVE HERE

<iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe>

As the BRICS summit in Johannesburg looms on the horizon, Roman Babushkin, the Russian Deputy Chief of Mission in Delhi, has advocated trading in national currencies within the grouping.

As the BRICS summit in Johannesburg looms on the horizon, Roman Babushkin, the Russian Deputy Chief of Mission in Delhi, has advocated trading in national currencies within the grouping. Speaking at a recent BRICS meeting hosted by India Foundation, Babushkin stated, "The BRICS members have been taking consistent steps to switch to settlements in national currencies for quite some time now and working out new payment mechanisms." This move, he suggested, would not only align with the shifting global dynamics but also foster greater financial autonomy within the group. The meeting was chaired by President of India Foundation (IF) Dr Ram Madhav. Babushkin took the opportunity to revisit a previous proposal made by Brazilian President Lula de Silva, who floated the idea of a single currency for BRICS. Babushkin acknowledged the pertinence of this concept in the present context. He also referred to an idea put forward by Russian President Vladimir Putin during the previous year's summit which revolved around the creation of an international reserve currency based on a composite currency basket representing the BRICS economies. However, the official acknowledged the complexities involved in translating these concepts into reality. "These ideas demonstrate new tendencies; however, it's clear that a lot of aspects require in-depth study," he cautioned. One of the primary challenges, he pointed out, pertained to the creation of a single currency. Such a move would necessitate the establishment of a regulatory authority, alongside the synchronisation of macroeconomic and monetary policies across the BRICS nations. Another avenue proposed by Babushkin involved a BRICS payment instrument that leveraged the collective strength of the currency basket. This mechanism would enable seamless mutual settlements among the member countries, liberating them from dependence on the US dollar. "On the other hand, a BRICS payment instrument based on the currency basket would help to carry out mutual settlements without any reliance on the US dollar," he said. Shifting the focus to expansion, Babushkin recognised the magnetism that BRICS held for countries that shared similar values and aspirations. He lauded the efforts of the South African presidency, highlighting the global interest in joining the alliance. "With over one-third of the world's GDP, a total population of around 3 billion people and a strong desire of other states to join its activities, it is safe to say that BRICS has become an integral element of an evolving multipolar paradigm," he affirmed. Emphasizing Russia's profound commitment to BRICS, Babushkin said, "From the very beginning, BRICS was one of the top priorities for Russian foreign policy." He elaborated on the alliance's principles, emphasising its role in promoting equitable collaboration based on international law and legitimate national interests. The official reiterated that BRICS aimed to complement, rather than confront, existing international economic and financial institutions. WATCH WION LIVE HERE

Ahead of BRICS summit, Russian diplomat Babushkin advocates trading in national currencies, expansion

Non-members of BRICS recently attended the virtual summit which was held on June 24, however, Pakistan was absent from the "High-level Dialogue on Global Development".

In response, Pakistan's Foreign Office said: "We have noted that this year a 'High-level Dialogue on Global Development' was held as a BRICS side event in which a number of developing/emerging economies were invited."

<a href="https://www.wionews.com/world/us-moving-to-establish-an-asia-style-nato-says-north-korea-492198">Also Read:&nbsp;US moving to establish an Asia-style NATO, says North Korea</a>

"China being the host country engaged with Pakistan prior to the BRICS meetings, where decisions are taken after consultations with all BRICS members, including extending an invitation to non-members," it said.

"Regrettably, one member blocked Pakistan’s participation," it said without naming India.

Watch:&nbsp;'Bare-Chested Horseman': G7 leaders mock President Putin

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/bare-chested-horseman-g7-leaders-mock-president-putin-492118/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

BRICS is a five-member group consisting of India, Russia, China, Brazil and South Africa.

Pakistan's foreign ministry spokesman Asim Iftikhar added that it hoped in future engagement of the organisation it would be included "in view the overall interests of the developing world and in a manner that is devoid of narrow geopolitical considerations".

Pakistan said it is the "current chair" of the G77+China and "part of a group of friends of the Global Development Initiative (GDI)."

Pakistan said relations with China remain "rock solid" and that the two countries are committed to "all-round cooperation to higher levels".

(With inputs from Agencies)

WATCH WION NEWS LIVE HERE

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false"><iframe allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="" frameborder="0" height="350" src="https://www.wionews.com/live-tv/embed?autoplay=1&amp;mute=1" width="100%"></iframe></div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

Non-members of BRICS recently attended the virtual summit which was held on June 24, however, Pakistan was absent from the "High-level Dialogue on Global Development".

Non-members of BRICS recently attended the virtual summit which was held on June 24, however, Pakistan was absent from the "High-level Dialogue on Global Development". In response, Pakistan's Foreign Office said: "We have noted that this year a 'High-level Dialogue on Global Development' was held as a BRICS side event in which a number of developing/emerging economies were invited." Also Read: US moving to establish an Asia-style NATO, says North Korea "China being the host country engaged with Pakistan prior to the BRICS meetings, where decisions are taken after consultations with all BRICS members, including extending an invitation to non-members," it said. "Regrettably, one member blocked Pakistan’s participation," it said without naming India. Watch: 'Bare-Chested Horseman': G7 leaders mock President Putin BRICS is a five-member group consisting of India, Russia, China, Brazil and South Africa. Pakistan's foreign ministry spokesman Asim Iftikhar added that it hoped in future engagement of the organisation it would be included "in view the overall interests of the developing world and in a manner that is devoid of narrow geopolitical considerations". Pakistan said it is the "current chair" of the G77+China and "part of a group of friends of the Global Development Initiative (GDI)." Pakistan said relations with China remain "rock solid" and that the two countries are committed to "all-round cooperation to higher levels". (With inputs from Agencies) WATCH WION NEWS LIVE HERE ×

BRICS non-member meeting: Pak blames 'one member' for blocking participation

Brazil, Russia, India, China, and South Africa (BRICS) signed an agreement for cooperation in remote sensing satellite data sharing, according to the Indian Space Research Organisation (ISRO).

The pact enables building a virtual constellation of specified remote sensing satellites of BRICS space agencies and their respective ground stations will receive the data, ISRO said.

"This will contribute in strengthening multilateral cooperation among BRICS space agencies in meeting the challenges faced by mankind, such as global climate change, major disasters and environmental protection," the Bengaluru-headquartered space agency said in a statement.

The agreement was signed under India's BRICS Chairship, it was stated. Secretary (Consular, Passport, Visa &amp; Overseas Indian Affairs) &amp; India's BRICS Sherpa, Ministry of External Affairs, Government of India, Sanjay Bhattacharyya, was present.

"#BRICS reached major landmark today with signing of Agr on BRICS Satellite Constellation by Heads of Space Agencies It will promote cooperation &amp; use space data &amp; applications for development &amp; social objectives outlined in SDGs, providing benefit to citizens #BRICSIndia2021", Bhattacharyya tweeted.

Chairman of ISRO and Secretary in Department of Space, K Sivan, Administrator of China National Space Administration, Zhang Kejian, Chief Executive Officer of South African National Space Agency, Valanathan Munsami, President of Brazilian Space Agency, Carlos Augusto Teixeira de Moura, and Director General of Russia's State Space Corporation Roscosmos, Dmitry Rogozin, signed the agreement.

Brazil, Russia, India, China, and South Africa (BRICS) signed an agreement for cooperation in remote sensing satellite data sharing, according to the Indian Space Research Organisation (ISRO).

Brazil, Russia, India, China, and South Africa (BRICS) signed an agreement for cooperation in remote sensing satellite data sharing, according to the Indian Space Research Organisation (ISRO). The pact enables building a virtual constellation of specified remote sensing satellites of BRICS space agencies and their respective ground stations will receive the data, ISRO said. "This will contribute in strengthening multilateral cooperation among BRICS space agencies in meeting the challenges faced by mankind, such as global climate change, major disasters and environmental protection," the Bengaluru-headquartered space agency said in a statement. The agreement was signed under India's BRICS Chairship, it was stated. Secretary (Consular, Passport, Visa & Overseas Indian Affairs) & India's BRICS Sherpa, Ministry of External Affairs, Government of India, Sanjay Bhattacharyya, was present. "#BRICS reached major landmark today with signing of Agr on BRICS Satellite Constellation by Heads of Space Agencies It will promote cooperation & use space data & applications for development & social objectives outlined in SDGs, providing benefit to citizens #BRICSIndia2021", Bhattacharyya tweeted. Chairman of ISRO and Secretary in Department of Space, K Sivan, Administrator of China National Space Administration, Zhang Kejian, Chief Executive Officer of South African National Space Agency, Valanathan Munsami, President of Brazilian Space Agency, Carlos Augusto Teixeira de Moura, and Director General of Russia's State Space Corporation Roscosmos, Dmitry Rogozin, signed the agreement.

BRICS signs deal on cooperation in remote sensing satellite data sharing

BRIC&nbsp;was formed as a formal grouping in Saint Petersburg in September 2006, with the 1st official summit being held in June 2009 at Yekaterinburg in Russia. BRIC became BRICS only in 2010, with the entry of South Africa, in addition to already existing members - Brazil, Russia, India and China.&nbsp;

All BRICS nations are members of the G20 group. BRICS make up almost 42 per cent of the world’s population, 23 per cent of the global GDP, about 17 per cent of the world trade, almost 50 per cent of world economic growth and 26.6 of the world area.

In a breakthrough at the 6th BRICS Summit in Fortaleza in Brazil 2014, India got the presidency of the New Development Bank (NDB)— the name that Narendra Modi had endorsed. It was launched with an initial capital of $50 billion after the leaders signed the "Fortaleza Declaration". While China walked away with the bank’s headquarters, to be located in Shanghai, Modi got Beijing to agree on equal shareholding rights for all members.&nbsp;

NDB's Articles of Agreement specify that all members of the United Nations could be members of the bank, however, the share of the BRICS nations can never be less than 55 per cent&nbsp;of the voting power. From an Indian perspective, BRICS has emerged as the voice of developing countries on diverse issues like WTO, climate change, inclusive development and mutual cooperation in areas including trade, finance, health, agriculture, energy, space, culture, education, technology and IT.

Also, India has to maintain the balancing act between Russia-China on the one side and the US on the other. While India's stature in global affairs in the last five years under its dynamic Prime Minister Narendra Modi has seen an unprecedented rise, the current crop of BRICS leaders too are opinionated personalities — from Chinese President Xi Jinping to Russian President Vladimir Putin to Brazil’s President Jair Bolsonaro. Hence the shrewd deftness with which South Block, in the last five years under Modi, has taken the lead in galvanising BRICS to take a strong stand against terrorism, putting aside conflicting domestic agendas, is commendable.

Last year at the 10th BRICS Summit, the joint working group on counter-terrorism decided to constitute sub-working groups in five areas: terrorist financing; use of Internet for terrorist purposes; countering radicalisation; the issue of foreign terrorist fighters; and capacity-building.

During meetings of National Security Advisers of BRICS, India’s NSA Ajit Doval put forward a proposal to host a BRICS workshop on digital forensics in India. Brazil also made terrorism one of the priorities for its presidency. It held the first BRICS seminar on Strategies for Countering Terrorism. The focus on countering global terrorism will be even more pronounced this year at the 11th BRICS Summit in the wake of recent terrorist attacks on Israel on 12th and 13th November 2019, with Israel being bombarded by over 250 rockets and missiles by the radical Islamic Jihad and Palestinian militants.

That BRICS put counter-terrorism on top of the agenda has been a huge diplomatic victory for Narendra Modi and India as was evident even in the BRICS Summit in Xiamen in September 2017, with China as the chair, despite the strained ties at that point,due to the standoff in Doklam.

Again at the 10th BRICS Summit in Johannesburg, Partnership on New Industrial Revolution (PartNIR) which is a programme of partnership among BRICS nations that sought to focus on maximising the opportunities arising from the Fourth Industrial Revolution/New Industrial Revolution, showcased how India under Modi has taken the lead in making intra BRICS trade, commerce, investments and people to people connect, the cornerstone of its global messaging.

Coming back to the 11th BRICS Summit in Brasilia in Brazil, it has been an excellent opportunity for India to lay the foundation for hosting the 2021 Summit, scheduled in India after the last BRICS Summit that took place in Goa in 2016. India will also be hosting the G20 Summit in 2022, and the current summit is an opportunity to harmonise the two agendas from New India's perspective. PM Modi also expressed satisfaction that MOU between trade promotion agencies of BRICS will help to achieve the target of USD 500 billion intra-BRICS trade target going forward, among other things. He also mentioned about India's programme of Fit India and proposed for a BRICS Youth Summit to promote Start-Ups and Hackathons.&nbsp;

This year in 2019, "BRICS-- Economic Growth for an Innovative Future" was the theme. In the Summit, apart from Brazil's decision to allow visa free entry to Indians and agreement on bilateral cooperation in areas like bio fuels, post harvest technologies and animal husbandry, clearly, Xi Jinping's invite to PM Modi to China for the 3rd informal summit between the two nations in 2020, hogged headlines.

This is significant as it comes close on the heels of the 2nd informal Summit at Mamallapuram in Chennai last month between the two world leaders. The leaders further reviewed the ongoing preparations for the celebration of the 70th anniversary of the establishment of diplomatic relations between India and China in 2020. The leaders also reiterated the importance of maintaining peace and security in border areas and exchanged views on many issues including RCEP, WTO and BRICS.

Besides China, Prime Minister Narendra Modi's meeting with Russian President Vladimir Putin at Brasilia garnered attention. It was the 4th meeting of the two leaders in 2019, after Modi’s visit to Vladivostok in September 2019, underpinning how Russia is one of the pivots of Modi's foreign policy outreach. The two leaders noted that the USD 25 billion bilateral trade target by 2025 has already been achieved. They further decided to hold the 1st bilateral regional forum between Russian Provinces and the Indian States in 2020, to do away with the trade barriers at the regional level. Russian President Vladimir Putin highlighted the potential of the Arctic region in natural gas and invited India to invest in the region.

The leaders also reviewed the progress made in the Infrastructure sector, especially railways including raising the speed of the Nagpur-Secunderabad sector railway line. The leaders further noted cooperation between India and Russia in the Defence sector and Civil Nuclear Energy. Prime Minister Modi accepted the Russian President’s invitation to participate in Russia’s Victory Day celebrations in 2020.

In the final analysis, BRICS 2019 focussed on strengthening cooperation in the fields of science, technology, innovation and the digital economy. The annual summit also aimed to advance cooperation in the fight against transnational crime, especially organized crime, money laundering and drug trafficking.

Euro-Atlantic powers realize that India’s close relationship with the US and commitment to a liberal global order is what prevents BRICS from becoming a divisive, illiberal anti-Western coalition, led by Russian muscle power and Chinese money power. For instance, were Modi to boycott the Xiamen summit in 2017, amidst the Doklam standoff then, it would have been the death knell of BRICS, reducing this grouping to an incoherent bunch of expansionist powers like Russia and China on the one hand and tottering economies like Brazil and South Africa on the other. Brazil and South Africa, which in the last few years have wandered aimlessly from one domestic economic crisis to another have increasingly started looking at South Block to enhance bilateral cooperation to prevent further marginalisation.

BRICS, which in many ways is redefining multilateralism and multiculturalism, has emerged as a template for cooperation between emerging powers and a useful instrument for India to fight the agenda-setting monopoly of Atlantic powers, in its quest for a greater role in global governance. Above all, if BRICS has furthered the cause of a multipolar world, the credit for this unarguably goes to Prime Minister Narendra Modi's foreign policy outreach that is both inclusive and global in its approach, but with "India first", being the guiding diktat.&nbsp;

(This article was originally published on The DNA. Read the <a href="https://www.dnaindia.com/analysis/column-brics-modi-s-foreign-policy-pivot-2801796">original article</a>) 
 
(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)&nbsp;

BRIC was formed as a formal grouping in Saint Petersburg in September 2006, with the 1st official summit being held in June 2009 at Yekaterinburg in Russia. BRIC became BRICS only in 2010, with the entry of South Africa, in addition to already existing members - Brazil, Russia, India and China.

BRIC was formed as a formal grouping in Saint Petersburg in September 2006, with the 1st official summit being held in June 2009 at Yekaterinburg in Russia. BRIC became BRICS only in 2010, with the entry of South Africa, in addition to already existing members - Brazil, Russia, India and China. All BRICS nations are members of the G20 group. BRICS make up almost 42 per cent of the world’s population, 23 per cent of the global GDP, about 17 per cent of the world trade, almost 50 per cent of world economic growth and 26.6 of the world area. In a breakthrough at the 6th BRICS Summit in Fortaleza in Brazil 2014, India got the presidency of the New Development Bank (NDB)— the name that Narendra Modi had endorsed. It was launched with an initial capital of $50 billion after the leaders signed the "Fortaleza Declaration". While China walked away with the bank’s headquarters, to be located in Shanghai, Modi got Beijing to agree on equal shareholding rights for all members. NDB's Articles of Agreement specify that all members of the United Nations could be members of the bank, however, the share of the BRICS nations can never be less than 55 per cent of the voting power. From an Indian perspective, BRICS has emerged as the voice of developing countries on diverse issues like WTO, climate change, inclusive development and mutual cooperation in areas including trade, finance, health, agriculture, energy, space, culture, education, technology and IT. Also, India has to maintain the balancing act between Russia-China on the one side and the US on the other. While India's stature in global affairs in the last five years under its dynamic Prime Minister Narendra Modi has seen an unprecedented rise, the current crop of BRICS leaders too are opinionated personalities — from Chinese President Xi Jinping to Russian President Vladimir Putin to Brazil’s President Jair Bolsonaro. Hence the shrewd deftness with which South Block, in the last five years under Modi, has taken the lead in galvanising BRICS to take a strong stand against terrorism, putting aside conflicting domestic agendas, is commendable. Last year at the 10th BRICS Summit, the joint working group on counter-terrorism decided to constitute sub-working groups in five areas: terrorist financing; use of Internet for terrorist purposes; countering radicalisation; the issue of foreign terrorist fighters; and capacity-building. During meetings of National Security Advisers of BRICS, India’s NSA Ajit Doval put forward a proposal to host a BRICS workshop on digital forensics in India. Brazil also made terrorism one of the priorities for its presidency. It held the first BRICS seminar on Strategies for Countering Terrorism. The focus on countering global terrorism will be even more pronounced this year at the 11th BRICS Summit in the wake of recent terrorist attacks on Israel on 12th and 13th November 2019, with Israel being bombarded by over 250 rockets and missiles by the radical Islamic Jihad and Palestinian militants. That BRICS put counter-terrorism on top of the agenda has been a huge diplomatic victory for Narendra Modi and India as was evident even in the BRICS Summit in Xiamen in September 2017, with China as the chair, despite the strained ties at that point,due to the standoff in Doklam. Again at the 10th BRICS Summit in Johannesburg, Partnership on New Industrial Revolution (PartNIR) which is a programme of partnership among BRICS nations that sought to focus on maximising the opportunities arising from the Fourth Industrial Revolution/New Industrial Revolution, showcased how India under Modi has taken the lead in making intra BRICS trade, commerce, investments and people to people connect, the cornerstone of its global messaging. Coming back to the 11th BRICS Summit in Brasilia in Brazil, it has been an excellent opportunity for India to lay the foundation for hosting the 2021 Summit, scheduled in India after the last BRICS Summit that took place in Goa in 2016. India will also be hosting the G20 Summit in 2022, and the current summit is an opportunity to harmonise the two agendas from New India's perspective. PM Modi also expressed satisfaction that MOU between trade promotion agencies of BRICS will help to achieve the target of USD 500 billion intra-BRICS trade target going forward, among other things. He also mentioned about India's programme of Fit India and proposed for a BRICS Youth Summit to promote Start-Ups and Hackathons. This year in 2019, "BRICS-- Economic Growth for an Innovative Future" was the theme. In the Summit, apart from Brazil's decision to allow visa free entry to Indians and agreement on bilateral cooperation in areas like bio fuels, post harvest technologies and animal husbandry, clearly, Xi Jinping's invite to PM Modi to China for the 3rd informal summit between the two nations in 2020, hogged headlines. This is significant as it comes close on the heels of the 2nd informal Summit at Mamallapuram in Chennai last month between the two world leaders. The leaders further reviewed the ongoing preparations for the celebration of the 70th anniversary of the establishment of diplomatic relations between India and China in 2020. The leaders also reiterated the importance of maintaining peace and security in border areas and exchanged views on many issues including RCEP, WTO and BRICS. Besides China, Prime Minister Narendra Modi's meeting with Russian President Vladimir Putin at Brasilia garnered attention. It was the 4th meeting of the two leaders in 2019, after Modi’s visit to Vladivostok in September 2019, underpinning how Russia is one of the pivots of Modi's foreign policy outreach. The two leaders noted that the USD 25 billion bilateral trade target by 2025 has already been achieved. They further decided to hold the 1st bilateral regional forum between Russian Provinces and the Indian States in 2020, to do away with the trade barriers at the regional level. Russian President Vladimir Putin highlighted the potential of the Arctic region in natural gas and invited India to invest in the region. The leaders also reviewed the progress made in the Infrastructure sector, especially railways including raising the speed of the Nagpur-Secunderabad sector railway line. The leaders further noted cooperation between India and Russia in the Defence sector and Civil Nuclear Energy. Prime Minister Modi accepted the Russian President’s invitation to participate in Russia’s Victory Day celebrations in 2020. In the final analysis, BRICS 2019 focussed on strengthening cooperation in the fields of science, technology, innovation and the digital economy. The annual summit also aimed to advance cooperation in the fight against transnational crime, especially organized crime, money laundering and drug trafficking. Euro-Atlantic powers realize that India’s close relationship with the US and commitment to a liberal global order is what prevents BRICS from becoming a divisive, illiberal anti-Western coalition, led by Russian muscle power and Chinese money power. For instance, were Modi to boycott the Xiamen summit in 2017, amidst the Doklam standoff then, it would have been the death knell of BRICS, reducing this grouping to an incoherent bunch of expansionist powers like Russia and China on the one hand and tottering economies like Brazil and South Africa on the other. Brazil and South Africa, which in the last few years have wandered aimlessly from one domestic economic crisis to another have increasingly started looking at South Block to enhance bilateral cooperation to prevent further marginalisation. BRICS, which in many ways is redefining multilateralism and multiculturalism, has emerged as a template for cooperation between emerging powers and a useful instrument for India to fight the agenda-setting monopoly of Atlantic powers, in its quest for a greater role in global governance. Above all, if BRICS has furthered the cause of a multipolar world, the credit for this unarguably goes to Prime Minister Narendra Modi's foreign policy outreach that is both inclusive and global in its approach, but with "India first", being the guiding diktat. (This article was originally published on The DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

BRICS: PM Narendra Modi’s foreign policy pivot

brics-countries

Brics Countries, News on Brics Countries, stories on Brics Countries, articles on Brics Countries, Brics Countries stories at Wion, Brics Countries news, Brics Countries latest news

brics countries