Leaders of the BRICS group of nations are meeting in New Delhi this weekend for their annual summit to discuss economic cooperation. The event will be attended by Chinese President Xi Jinping, Russian President Vladimir Putin, and hosted by Indian Prime Minister Narendra Modi. Iranian President Masoud Pezeshkian is also scheduled to attend.
The summit’s agenda includes discussions on trade, energy, and the development of alternative payment mechanisms among member states. The meeting takes place in the context of ongoing United States economic policies, including tariffs and sanctions that affect some BRICS members.
President Xi’s visit marks his first trip to India since 2019. It follows a period of diplomatic engagement between the two countries aimed at stabilizing relations after deadly border clashes in 2020. Since then, direct flights and high-level official contacts have been restored. However, disagreements persist over the disputed border and India’s trade deficit with China.
India also maintains strategic ties with the United States as a member of the Quadrilateral Security Dialogue, or Quad, alongside the U.S., Japan, and Australia.
According to Chietigj Bajpaee, a senior research fellow at the policy institute Chatham House, recent U.S. trade policies have prompted New Delhi to re-engage with other international partners. In an article published this week, Bajpaee stated that the meeting between Modi and Xi “is likely to further advance the ongoing reset in bilateral relations and build confidence.”
Russia’s participation in the summit follows the implementation of Western sanctions related to the war in Ukraine. China has become a significant economic partner for Russia, and India is a major purchaser of Russian oil. For President Putin, the summit provides a forum to engage with the leaders of major non-Western economies.
A key topic for the BRICS group has been the promotion of trade in local currencies. Sarang Shidore, director of the Global South program at the Quincy Institute, told CNBC that BRICS is a “pragmatic club for limited purposes,” with members focused on development and reforming global institutions rather than forming an ideological bloc.
India has advocated for using national currencies and digital payments to lower the costs of cross-border transactions. Russia has increased its volume of trade conducted outside the U.S. dollar system, though a Kremlin spokesperson said this week that Moscow was not pursuing “de-dollarisation.” U.S. President Donald Trump has previously referred to BRICS as an “attack on the dollar.”
The BRICS organization originally consisted of Brazil, Russia, India, China, and South Africa. It has since expanded to include new members such as Iran, Egypt, Ethiopia, and the United Arab Emirates. Shidore noted that while the expansion increases the group’s economic influence, it also introduces members with divergent foreign policy objectives. He pointed to the concurrent membership of Iran and the UAE, which are on opposing sides of a conflict in the Middle East, as an example of the group’s internal complexities.
Bajpaee said that India seeks to have BRICS promote a non-Western perspective without becoming explicitly anti-Western. Several BRICS members, including India and the UAE, maintain close diplomatic and economic ties with the United States. Following the summit, President Xi is scheduled to travel to the United States later this month.
