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Leaders from 11 countries including India wrapped up the 18th BRICS Summit here on Saturday. The summit which concluded with the adoption of the so-called New Delhi Declaration saw leaders engage in marathon overnight negotiations that reportedly went on till 4 a.m. The final communiqué of the Summit was released under the theme "Building for Resilience, Innovation, Cooperation and Sustainability".
In terms of reforming international institutions the BRICS and guest countries called for the UN Security Council, the IMF and the World Bank to be reformed so that countries from emerging markets and developing countries have greater representation than they do at present. India and Brazil's efforts to secure greater representation on the UN Security Council were backed by China and Russia.
The declaration strongly condemned all unilateral trade measures, including unilateral tariffs, imposed contrary to WTO provisions and called for accession to the WTO of Ethiopia and Iran. The declaration also welcomed extension of zero-tariff treatment by China to 53 African countries.
The declaration reiterated opposition to unilateral economic measures including coercive measures that have a discriminatory impact on civilian populations — an apparent reference to US sanctions on Iran.
In recent years the negotiations had become more challenging as three major countries of the Middle East — Iran, Saudi Arabia and UAE — joined BRICS. While Russia, China and Iran pushed for a stronger language against the dollar and against major Western financial institutions, India — the chair of BRICS this year — was keen to ensure that BRICS was not perceived in negative light and that the strategic partnership that India enjoys with Washington and the European countries was not jeopardized.
In the end, a "balanced" declaration was presented with a critical reference to "unilateral measures" without naming the USA. In addition to calling for "maximum restraint" and "diplomacy" in West Asia, the eleven leaders expressed their concern over rising military expenditure worldwide.
At the closing session of the BRICS Summit held in New Delhi on Saturday were attending the summit Russian President Vladimir Putin, Chinese President Xi Jinping and Iran's President Masoud Pezeshkian along with Prime Minister Modi and the leaders of Brazil, South Africa and other member countries. It was Jinping's first visit to India in seven years. US President Donald Trump who was in Ireland's capital of Dublin to meet with the Irish leaders said in a phone call with Saudi Crown Prince Mohammad bin Salman that everything would work out "fine and dandy."
This was the most ambitious challenge to the dollar-dominated global financial order put forth by BRICS so far. However, BRICS has so far stopped short of announcing a common currency or payment system for its member countries.
