BRICS Summit in New Delhi: Forging a Reshaped Global Order Through Practical Ties

The 18th BRICS Summit is currently underway in New Delhi, gathering leaders from its 11 member nations amid a global landscape of shifting economic power. Expert Mihaela Papa from MIT suggests the expanded bloc is not aiming to replace existing Western-led institutions but rather to actively reshape the global order through practical collaboration across trade, finance, health, and agriculture. India, holding its fourth BRICS Chairship, has centered the summit's agenda on resilience, innovation, cooperation, and sustainability, emphasizing a 'humanity-first' approach. This gathering comes at a critical time, with member states increasingly pushing for de-dollarization and promoting the use of local currencies in cross-border payments to enhance monetary sovereignty. The New Development Bank (NDB), a key BRICS financial arm, is playing a central role in financing sustainable development and infrastructure projects, with a strong focus on Local Currency Financing and initiatives like the proposed BRICS Multilateral Guarantees to attract private capital. Discussions also address broader global tensions, including conflicts in West Asia and Ukraine, and a collective call for reforms in international financial institutions like the International Monetary Fund (IMF) and World Bank to give developing economies a stronger voice. Looking ahead, the summit is expected to solidify cooperation frameworks for startups and micro, small, and medium-sized enterprises (MSMEs) through initiatives like the BRICS Startup Innovation Fund and BRICS MSME Cooperation Portal, advance a Global Value Chains Action Plan, and explore linking Central Bank Digital Currencies (CBDCs) for more efficient cross-border transactions. India is pushing for a common declaration that finds consensus despite geopolitical differences among members. The focus remains on translating ambitious agendas into tangible outcomes, signaling BRICS continued evolution as a significant force advocating for a more inclusive and representative global economic governance structure.