BRICS leaders meet in New Delhi, push de-dollarisation and alternative finance
Leaders of the 11-nation BRICS bloc are meeting in New Delhi to discuss trade, energy security, and reducing reliance on the US dollar. The summit is tested by wars in Ukraine and the Middle East, with members holding sharply different positions on the US-Iran conflict. For Europe, a more cohesive BRICS could challenge Western-dominated financial institutions and global governance.
Bottom line — BRICS, representing half the world's population, aims to reshape global financial architecture away from the US dollar.
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- Indian PM Modi is hosting Putin, Xi, Pezeshkian and counterparts from the other eight members, per NPR.
- The summit comes as the Iran war, triggered by US-Israeli strikes on Feb. 28, threatens to expand, according to NPR.
- Iranian President Pezeshkian backed expanding trade in national currencies, saying pressure on Iran 'has reached a critical and dangerous stage', per Malay Mail.
- China and Russia see BRICS as a way to reduce Western dominance, particularly that of the US, NPR reports.
- Xi's visit is his first to India since 2019 and the biggest step in a cautious thaw after a deadly 2020 border clash, per Malay Mail.
- Deep mistrust remains over the Himalayan frontier, a widening trade deficit and strategic rivalry, according to University of Melbourne expert Pradeep Taneja.
- BRICS foreign ministers failed to agree on a joint statement in May over the Iran war, forcing India to issue a chair's summary, NPR notes.
- Analyst Harsh V. Pant of the Observer Research Foundation said: 'The Gulf conflict is going to be the central fault line this time during the BRICS summit.'
- India is balancing ties with Russia and Iran while deepening relations with the US and Europe, per NPR.