The 18th BRICS Summit commenced with great pomp on Saturday at the prestigious Bharat Mandapam venue in New Delhi. Chaired by Indian Prime Minister Narendra Modi, this biennial gathering has drawn considerable attention from nations across the world. Coming at a time of severe geopolitical and political tensions globally, India’s leadership role in restructuring the international economic order and safeguarding the interests of nations has assumed particular significance. Ahead of the summit’s formal opening, Prime Minister Modi took to social media to express optimism that the meetings would lay a strong foundation for mutual cooperation among member states and for global peace.
Leaders of several of the world’s major powers arrived in Delhi for the summit, including Russian President Vladimir Putin, Chinese President Xi Jinping, Iranian President Masoud Pezeshkian, South African President Cyril Ramaphosa, and Egyptian President Abdel Fattah el-Sisi, along with other senior leaders of BRICS member nations. Representing international bodies, UN Secretary-General António Guterres and New Development Bank President Dilma Rousseff also participated in the proceedings. Prior to the summit’s formal inauguration, Prime Minister Modi held a dedicated bilateral meeting with UN chief Guterres, during which the two held extensive discussions on the crisis in West Asia, developments surrounding the Russia-Ukraine war, and measures required to restore peace internationally.
The global economy is presently grappling with a number of serious challenges. The prolonged Russia-Ukraine conflict, together with intensifying tensions in West Asia, has disrupted global supply chains for essential commodities and energy. At the same time, the stringent trade regulations and steep import tariffs recently imposed under US President Donald Trump’s administration have been damaging the economic interests of emerging and developing economies. Analysts view BRICS, amid such economic headwinds, as a potential collective safeguard for Global South nations, with member countries working to develop joint strategies to counter unilateral economic sanctions and trade restrictions imposed internationally.
At this summit, India has resolved to act primarily as a voice for the aspirations of Global South countries. Discussions are expected to center on reducing the dominance of the US dollar in international trade and expanding an alternative payment mechanism that would enable transactions in local currencies, thereby easing trade among member nations while insulating them from the effects of economic sanctions. Spanning two days, the 18th BRICS Summit is expected to mark a significant milestone — not only for the economic advancement of its member states, but also for efforts toward establishing a peaceful international environment and ensuring the collective security of Global South nations.