BRICS' multilateral lender pushing for a multipolar finance agenda
Iran seeks membership in BRICS’ New Development Bank to diversify funding amid sanctions and war pressures. Tehran aims to use regional currencies for trade and to secure financing for infrastructure as it faces economic strain.
BRICS leaders are meeting in New Delhi as tensions over US tariffs and dollar dominance shape the bloc’s cohesion. Washington’s use of tariffs and financial leverage is prompting BRICS members to seek greater economic independence, while the dollar’s reserve status remains strong.
BRICS leaders gather in New Delhi amid tensions from the US–Iran war, amid broader global upheaval. The expanded bloc faces divisions over how to respond to Middle East conflicts, energy markets, and trade wars, while stressing a Global South-led reform agenda.
BRICS leaders have adopted the New Delhi Declaration, calling for maximum restraint in the Middle East, protection of civilians and nuclear facilities, and opposing unilateral trade measures. The statement has avoided naming the US, Israel or Iran and authorised a payments task force to ease local‑currency settlements among members.
Xi has approached China-India relations with a strategic, long-term view, urging high-quality cooperation and expanded people-to-people and business ties. Modi thanks Xi for hosting the summit as BRICS eyes broader collaboration. Both leaders reaffirm a peaceful boundary settlement, while trade, supply chains and market access remain on the agenda.