BRICS in a fragmented world order, a test of relevance, Pg10

Key Highlights:

• The 18th BRICS Summit was held in New Delhi on September 12-13, 2026, under India's chairmanship.
• The summit achieved unanimous adoption of the New Delhi Declaration, reconciling divergent views among the 11 member nations.
• The Declaration addressed global governance reform, trade, finance, energy, climate, technology, health, and agriculture.
• Key proposals included local currency trade, inter-operable cross-border payment systems, and support for the BRICS Economic Partnership Strategy 2030.
• The summit also called for a more representative United Nations and international financial system, and supported de-escalation in West Asia and humanitarian access in Gaza.

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Detailed Insights:

• The New Delhi Declaration emphasized mutual respect, sovereignty, equality, openness, and consensus among member states.
• It advocated for a stronger voice for emerging markets and developing economies, promoting multi-polarity and reform of Bretton Woods institutions.
• The Declaration supported the World Trade Organization (WTO) and a rules-based multilateral trading system, including a two-tier dispute settlement mechanism.
• It acknowledged the potential of Artificial Intelligence (AI) for economic growth and sustainable development, supporting international cooperation on AI governance.
• Prime Minister Narendra Modi urged BRICS leaders to propose 10 global governance reforms, highlighting the shared right to shape the future.
• The summit's atmosphere of bonhomie and the participation of diverse leaders like Chinese President Xi Jinping and Russian President Vladimir Putin were noted.
• Despite the consensus, a sober assessment suggests the current era is characterized by "variable geometry" rather than deep-seated alliances.
• Long-standing demands of the original BRICS countries, such as reforms of the International Monetary Fund and World Bank, remain unfulfilled.
• China's economic dominance has created an imbalance within BRICS, challenging the group's stance against Western hegemony.
• Tensions between India and China continue to affect the future trajectory and unity of the BRICS grouping.

Key Concepts Involved:

• Multipolarity: A world order where several states possess roughly comparable levels of power, with no single power dominating.
• Bretton Woods Institutions: The International Monetary Fund (IMF) and the World Bank, established in 1944 to regulate the international monetary and financial order.
• Strategic Autonomy: The ability of a state to pursue its national interests and foreign policy independently, without being heavily reliant on other states.
• Multilateralism: Cooperation among three or more countries, often within global institutions, to address common issues based on shared norms and values.
• Plurilateralism: A governance strategy where a subset of countries within a larger multilateral framework negotiate agreements on specific issues.
• Global South: A term referring to countries and regions, primarily in Asia, Africa, and Latin America, that are economically and socially less developed, often sharing experiences of colonialism and development challenges.
• Thucydides Trap: A concept describing the tendency towards war when a rising power threatens to displace an established ruling power.