BRICS: Deal despite the divide

India achieved the impossible during the 18^th BRICS Leaders' Summit in Delhi as it managed to secure a consensus on the Joint Declaration, called the New Delhi Declaration

Sources say negotiations on the joint declaration continued until 4 am, with contentious issues being discussed until the very end. There was apprehension that the declaration might not be signed because of differences between Iran, Saudi Arabia and the UAE on several regional and geopolitical issues, especially the conflict in West Asia. It was therefore a diplomatic breakthrough that led to the signing of the 45-page New Delhi Declaration, comprising 140 points.

Making cooperation more practical

“The New Delhi Declaration, adopted unanimously at the 2026 BRICS Summit, reflects the confidence of a BRICS that is wider in reach and stronger in purpose. With a focus on innovation, sustainability, people-to-people ties and more, the endeavour is to make cooperation more practical, development-oriented and responsive to the aspirations of the BRICS nations,” said Prime Minister Narendra Modi.

Nearly 30,000 additional security personnel were deployed across Delhi to manage the security arrangements for the visiting leaders, who included China’s President Xi Jinping, Russia's President Vladimir Putin, Iran's President Masoud Pezeshkian, UN Secretary-General António Guterres, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and South African President Cyril Ramaphosa.

BRICS intra-bloc merchandise trade has grown more than 13-fold, from $84 billion in 2003 to $1.17 trillion in 2024, according to India's Commerce Ministry and UN Trade and Development (UNCTAD). However, India faces a major imbalance. In FY26, its 10 BRICS partners accounted for nearly 42 per cent of its merchandise imports but only 22 per cent of its exports, leaving a trade deficit of $226.1 billion.

BRICS member nations are already trading in local currencies, while energy trade is also on the ascendant. Will there be more trade among the partners? Will the condemnation of unilateral sanctions, as mentioned in the declaration, give governments the confidence to buy oil from Iran?

India is a founding member of BRICS and has previously held its chairship three times, in 2012, 2016 and 2021. India assumed its fourth BRICS chairship on 1 January 2026. The year 2026 also marks a significant milestone, as BRICS completes 20 years since its establishment.

China has put forward five proposals for BRICS members. “China proposes establishing a BRICS Special Economic Zone Partnership, under which member countries can set up an intelligent portal, coordinate policies and build a new frontier for open development,” said Chinese President Xi Jinping, who visited India after a gap of 7 years. The other four proposals include an inclusive AI initiative, digital industry cooperation, intelligent manufacturing, and a science and technology talent development initiative. China is India's largest bilateral trading partner, with trade touching $151.11 billion in March 2026. India's trade deficit with China is the highest, at $112.16 billion.

Differences shouldn’t be disputes

During the bilateral meeting between Prime Minister Modi and President Xi Jinping, the leaders reaffirmed that differences should not become disputes. Prime Minister Modi emphasised that peace and tranquillity along the border remain an essential basis for the continued development of bilateral relations. “India has improved from what I saw last time; more development is visible. We are neighbours and also members of BRICS, so we hope both countries find solutions to all issues. Many Indians still recall and say 'Hindi-Chini Bhai Bhai'," Ren Yan, a journalist with People's Daily, China, told Business India. He was earlier posted in Delhi, where he lived for five years.

“The logic of 'might is right' does not hold and should have been discarded long ago. All countries, regardless of their size, strength or wealth, are equal members of the international community," said President Xi Jinping. Collectively, BRICS represents around 49 per cent of the world's population and nearly 40 per cent of global GDP. 

In the declaration, the members condemned the imposition of unilateral coercive measures that are contrary to international law. "We reaffirm our opposition to unilateral coercive measures that are contrary to international law and the Charter of the United Nations, including non-UN Security Council-authorised sanctions," reads Point 22 of the declaration.

The question arises whether this condemnation will translate into countries buying oil from Russia and Iran despite sanctions. India currently imports nearly 55 per cent of its crude oil from Russia and has consistently maintained that it will buy oil wherever it can secure a steady supply.

India's bilateral trade with Iran has plummeted to $1.7 billion, much lower than $17 billion in 2017, before sanctions were imposed. Oil imports from Iran were permitted when crude prices skyrocketed. Some sources suggest that Iranian oil still reaches the Indian market, although the volumes are not significant. "BRICS must expand trade in national currencies and work towards an inclusive global economic framework, as excessive dependence on existing financial and trade systems has made emerging economies vulnerable to political shocks," said Iranian President Masoud Pezeshkian.

President Pezeshkian, taking a swipe at Western powers, was also critical of "unilateral sanctions", saying they were directly affecting global food security and people's welfare. "BRICS today is not merely a framework for cooperation among emerging economies; it is a manifestation of the growing demand for a more balanced and inclusive world, in which no centre of power has the right to determine the destiny of others," said President Pezeshkian.

Shared responsibility

"The Islamic Republic of Iran stands ready to place its capacities at the disposal of BRICS cooperation in this endeavour. Resilience cannot endure without sustained cooperation; cooperation cannot be sustained without justice; and sustainability is impossible without peace and security. Let us turn BRICS into a platform for translating these principles into practical action. A future in which growth, security and development are possible for all is not only achievable; it is also our shared responsibility to future generations," said the Iranian President.

Meanwhile, India plays a major role in developing and managing Chabahar Port in Iran, specifically operating the Shahid Beheshti Port (which some reports suggested was damaged during US air strikes). India operates the port through India Ports Global Limited (IPGL). The port was set up with the objective of serving as India's primary maritime gateway, bypassing Pakistan and providing direct trade access to Afghanistan, Central Asia and the broader Eurasian market. 

The partnership is anchored in a landmark 10-year contract signed in May 2024, under which India fulfilled its financial commitment of $120 million to equip and operate the terminal. Historically, overland trade from India to Afghanistan and Central Asia was constrained by Pakistan. Chabahar creates an alternative transit route, significantly reducing shipping times and logistics costs. The port is also a critical node in the International North-South Transport Corridor (INSTC), a 7,200 km multimodal network connecting India to Russia and Europe via Iran.

"When Prime Minister Modi met our President Pezeshkian during the BRICS Leaders' Summit, the body language of the handshake seemed reassuring – almost as if India was saying it would take care of our interests. We are facing immense economic challenges in Iran at present and hope that India will help us overcome this situation. For us Iranians, it also translates into reducing Pakistan's prominence in Iran," Basim Laleh of Iran's Didban News Agency told Business India.

Meanwhile, India has also been troubled by attacks on its seafarers in the Strait of Hormuz. More than 15 seafarers, many of them Indians, have been killed in attacks on merchant vessels in and around the Strait of Hormuz since the US-Israeli joint strikes on Iran began on 28 February. Prime Minister Modi proposed a seafarers' emergency support mechanism, saying: "We need to have a collective response. Seafarers make a huge contribution, but they suffer a great deal. Can we build a seafarers' support group? It will help in medical assistance and distress alerts." The Prime Minister also stressed that BRICS member nations are "not against anyone, but try to take everyone along" through shared perspectives and consensus.

Pressure on Russia

Russian President Vladimir Putin said Russia had been hit by more than 30,000 sanctions, twice as many as those imposed on all other countries combined, accusing some states of turning economic competition into coercive geopolitical pressure. "More than 30,000 sanctions have been slapped on Russia, which is twice the total number imposed on all other countries in the world combined," President Putin said during the Leaders' Session of the BRICS Business Forum. Putin said the pressure on Russia was part of a broader pattern in which competition was increasingly taking "some ugly forms", including at the state level. He cited the destruction of pipelines, attempts to block international transport corridors and seize maritime vessels, as well as what he called "illegal restrictions" and threats of secondary sanctions against countries that refused to follow the interests of other powers. "There is also the threat of so-called secondary sanctions against those who do not want to follow someone else's interests and instead look after their own," Putin said.

"The fact that President Putin has come to Delhi for BRICS shows how important the grouping is for us. We do hope that the nations partnering in the bloc strengthen their ties," Russian journalist Evgeniia Kondakova told Business India. She also described her experience of using the Delhi Metro, where she encountered several glitches that, she said, would be unheard of in Russia. Despite the scale of sanctions, Putin portrayed Russia as having strengthened its economic sovereignty and expanded ties with what he described as reliable and predictable partners. "During the last three years, economic growth in Russia has exceeded the world average," Putin added.

Meanwhile, BRICS nations are looking to boost trade within the grouping. While BRICS accounted for $5.7 trillion of the world's $26.3 trillion in exports in 2025 (21.6 per cent), only 4.1 per cent represented intra-BRICS trade. "We should open our markets to each other's products, including raw materials and critical minerals," Commerce Minister Piyush Goyal said, adding that supply chains would be more resilient when they "run both ways". The minister noted that non-tariff measures impose higher export costs than tariffs themselves for 88 per cent of countries and called for smoother market access among BRICS members and partner countries.

An important market

Goyal said India has strong capabilities in engineering goods and electronics, which constitute a major segment of the country's manufactured exports. He also highlighted India's pharmaceutical sector and said India sees BRICS as an important market for products that the country seeks to take to the world as a trusted partner. Calling for greater cooperation in agriculture, Goyal urged BRICS countries to encourage agri-tech start-ups to jointly develop solutions for farmers across member and partner countries, particularly with the objective of strengthening food security. He also called for deeper cooperation in services, including facilitating the movement of professionals across borders and making it easier to recognise professional qualifications among BRICS countries.

Highlighting the growing role of women in India's entrepreneurial ecosystem, Goyal said more than 45 per cent of the country's 250,000 recognised start-ups have at least one woman partner or director. He urged the BRICS Women's Business Alliance to ensure greater participation by women-led enterprises in BRICS exhibitions, trade fairs and other business opportunities.

The minister also highlighted India's digital public infrastructure and the growing global footprint of the Unified Payments Interface (UPI). "Today, it is accepted in 11 countries, and I urge BRICS member and partner countries to link our payment systems, trade in each other's local currencies, make digital trade global and build together for future emerging technologies," Goyal said. He added that India brings strengths in agriculture, pharmaceuticals, engineering, electronics, automobiles, auto components and services, and that there was considerable scope for joint innovation, technology partnerships and the development of resilient global value chains. Goyal also called for closer links between start-up ecosystems across BRICS countries and greater cooperation in emerging technologies. He said India, as it moves towards its goal of becoming a developed nation by 2047, sees immense potential for expanding cooperation with BRICS members and partner countries. The minister expressed hope that the thematic sessions of the Business Forum would produce "constructive and actionable recommendations" to strengthen intra-BRICS trade and economic cooperation.

External Affairs Minister S Jaishankar, addressing the forum, said BRICS cooperation has evolved substantially over the past two decades in terms of membership, agenda and mechanisms. He said India's 2026 BRICS chairship seeks to carry this evolution forward under the theme ‘Building for Resilience, Innovation, Cooperation and Sustainability’.

A successful Summit

"In this BRICS Summit, we were able to adopt a declaration when many thought we would not succeed. We did. In that regard, we congratulate all BRICS members, but especially India for hosting a very successful BRICS Summit," said South African President Cyril Ramaphosa, adding that everything had been well organised.

Over 350 meetings were held under BRICS in 30 cities across India. "BRICS is important for both India and Africa. We have strong ties – you gave us Gandhi and we gave you Mandela," Ayanda Holo, President, TV BRICS Africa, told Business India. There were more than 400 international journalists who travelled to India from member countries and partner nations to attend the Summit. "It was wonderful to be in India, as this is a country my forefathers hailed from. It felt like home. BRICS is very important in South Africa and the locals understand it," Melissa Hollow, a journalist from South Africa, told Business India. She has Tamil ancestry.

Bangladesh Prime Minister Tarique Rahman, who heads BIMSTEC, skipped the BRICS outreach programme. There had also been considerable speculation about his visit to India before the Summit, but Bangladesh's demand for the extradition of former Prime Minister Sheikh Hasina remained a sticking point.

The declaration also expressed concern over the situation in Cuba, saying the unilateral blockade had created a humanitarian crisis. One of its highlights was the call for a lasting solution to the Israel-Palestine conflict through peaceful means and the fulfilment of the legitimate rights of the Palestinian people, including the rights to self-determination and return.

"We express our opposition to the forced displacement, under any pretext, of any Palestinian people from the Occupied Palestinian Territory, as well as any changes to the territory of the Gaza Strip," the declaration said. BRICS members also rejected unilateral measures that sought to alter the legal and historical status of occupied Jerusalem. They also welcomed the ceasefire in Lebanon.

Not to counter other groupings

While India successfully concluded the BRICS Summit in Delhi and managed to secure a joint declaration, time will tell whether it translates into tangible improvements on the ground. There appears to be a visible thaw in relations between India and China, which began in 2025 with the resumption of the Kailash Manasarovar Yatra, the restarting of direct flights and the relaxation of visa restrictions. Peace and tranquillity along the border remain India's primary objective. Bilateral ties between India and Russia have also been on the ascendant. The latest trade figures indicate a volume of nearly $60 billion, with both nations projecting this to reach $100 billion. President Putin has visited India twice in less than a year, having also attended the India-Russia Leaders' Summit in December 2025. India already buys more than 50 per cent of its crude oil requirements from Russia, notwithstanding the threat of tariffs. "Over 90 per cent of our trade with countries is in local currencies, and we will continue to strengthen that," said Kremlin spokesperson Dmitry Peskov.

The bigger question concerns Iran, which remains in a financial quandary following the war with the US. An end to the conflict, the resumption of bilateral trade and renewed oil exports are among the priorities of its leadership. "Iran seems to be looking to India to help it emerge from this financial crisis, which can be eased through the resumption of trade," says a foreign policy expert.

Prime Minister Modi is likely to travel to the US for the G20 Leaders' Summit, scheduled for December this year. He has repeatedly stressed that BRICS is not a bloc created to counter other groupings, although India has not hosted a Quad Summit for the past two years. While the BRICS Summit succeeded in producing a joint declaration, member countries including India, China, Russia and possibly Iran are all seeking to balance their relations with the US. President Xi Jinping is scheduled to visit the US on 23 September for a bilateral leaders' summit. A major concern across the world remains the easing of sanctions to help stabilise crude oil prices, improve energy supplies and address fertiliser shortages. Many believe that progress on these issues will require US engagement.

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Humanity over faith

Iranian President Dr Masoud Pezeshkian met a number of intellectuals from different faiths ahead of the BRICS Summit in Delhi. The meeting was viewed as a significant gesture, bringing together representatives of different religions on a common platform. "I have travelled to Iran and am aware that we have strong historical ties with the country. It causes me pain whenever I hear that its people are being attacked and are suffering," said Acharya Balkrishan, CEO of Patanjali. He also presented President Pezeshkian with a white shawl embroidered in brown. Patanjali plans to expand its Ayurvedic medicines business in Iran, and Balkrishan said he had researched a number of herbs found in Iran and hoped to share their medicinal uses in the coming days.

Among those invited was Kashmir's chief cleric and former Hurriyat Conference chairman, Mirwaiz Umar Farooq. Scholars representing the Sikh, Christian, Zoroastrian, Buddhist and Hindu faiths also attended. The special interaction, hosted by Iran's Ambassador to India, Dr Mohammad Fathali, took place on the sidelines of the 18th BRICS Summit and served as a platform for Iran's cultural outreach and people-to-people diplomacy. Many of the scholars addressed the gathering, with President Pezeshkian listening patiently for more than one-and-a-half hours. Nearly all the speakers praised Iran and its inclusive approach towards different religions. Interestingly, Iran is home to a historic Sikh gurdwara in Tehran known as Masjid-e-Hindan, or the Bhai Ganga Singh Sabha.

During the interaction, speakers emphasised that "the time has come for war to end and diplomacy to take centre stage". They focused on global peace, justice and strengthening the centuries-old India-Iran relationship. President Pezeshkian said Iran would not surrender to oppression amid the ongoing conflicts with the US and Israel, framing his country's position as a defence of human rights and equality. He also highlighted that the core teachings of all divine religions centre on upholding justice and protecting human dignity.

Other notable attendees included Jagadguru Satishacharya Ji Maharaj, Peethadhishwar of Premeshwar Dham, who spoke on Sanatan traditions and human welfare. He arrived under an umbrella, while his disciples carried a mat for him to sit on. Jain spiritual leader Acharya Lokesh Muni was also present, along with Haji Syed Salman Chishty, chairman of the Chishty Foundation, and prominent Shia clerics from Kashmir, including Aga Syed Hassan Mosavi Al Safavi and Imran Reza Ansari.

Outside the venue was an exhibition of drawings by children paying tribute to the 168 children killed in the bombing of a school in Minab.