Politics
BRICS Summit Opens in New Delhi as Members Push Back Against Dollar Dominance
India is hosting the expanded BRICS bloc as wars, sanctions and U.S.-China tensions expose deep divisions among its members. Leaders are expected to discuss trade, energy and alternatives to Western-dominated financial systems.
NEW DELHI — Leaders of the 11-nation BRICS group gathered in New Delhi on Saturday for talks aimed at expanding trade and investment while presenting the bloc as a stronger voice for developing countries.
Indian Prime Minister Narendra Modi is hosting Russian President Vladimir Putin, Chinese President Xi Jinping, Iranian President Masoud Pezeshkian and leaders from the group’s other member states. The summit comes as the war in Ukraine, the conflict involving Iran and escalating U.S.-China tensions make consensus more difficult among countries with sharply different interests.
The agenda includes economic cooperation, energy, food security, technology, supply chains and reforms to international institutions. Members are also expected to promote wider use of national currencies for trade and payments, an effort to reduce dependence on the U.S. dollar and limit exposure to financial systems dominated by Washington and its allies.
Putin told a BRICS business gathering in New Delhi on Friday that the group was not directed against any country and that Russia remained open to cooperation worldwide. “We are in favor of our interests,” he said.
Pezeshkian, whose government faces sweeping sanctions and a U.S. blockade, also called for increased trade using national currencies. “One of the most important steps is to expand the use of national currencies in trade among the members,” he told reporters Friday.
China has promoted BRICS as a vehicle for deeper cooperation among emerging economies and a counterweight to U.S. influence. Chinese Foreign Ministry spokesperson Mao Ning said Xi would address major international issues and ways to strengthen cooperation within the group.
For India, the summit is a diplomatic balancing act. New Delhi maintains longstanding relationships with Russia and Iran while seeking stronger economic, defense and technology ties with the United States and Europe. Modi met separately with Putin and Pezeshkian on Friday before the summit.
Modi and Xi are also expected to meet Saturday, potentially advancing a thaw after border tensions between India and China escalated in 2020. India has called for dialogue and diplomacy over major conflicts while trying to keep its competing strategic partnerships intact.
The host government faces a practical test as well: securing a joint statement. BRICS foreign ministers failed to reach agreement in May over the Iran war, forcing India to issue a chair’s summary instead. Similar divisions could surface again as members debate the Middle East conflict and their relationships with the United States.
The summit is taking place amid fears that the Iran war, triggered by U.S.-Israeli strikes on Feb. 28, could widen as tensions rise between Saudi Arabia and Yemen’s Houthi rebels. Thousands of police and paramilitary personnel have been deployed around the summit venue and elsewhere in New Delhi, with traffic restrictions and diversions imposed.
BRICS was founded in 2006 by Brazil, Russia, India and China, with South Africa joining in 2010. The group has since expanded to 11 members and represents roughly half the world’s population, along with a substantial share of global economic output. Its influence will depend on whether its members can turn anti-Western rhetoric and talk of financial independence into workable agreements despite their conflicting priorities.