BRICS leaders gather in New Delhi as wars and U.S. tensions test bloc

BRICS leaders are meeting in New Delhi for a summit focused on economic cooperation and international conflicts. India is seeking a larger role for the grouping in shaping the global agenda for emerging and developing countries.

Prime Minister Narendra Modi is hosting the presidents of Russia, China and Iran — Vladimir Putin, Xi Jinping and Masoud Pezeshkian — along with representatives of the other members. BRICS has 11 members and represents about half of the world’s population.

The participants are expected to discuss trade, investment, energy, food security, technology, supply chains and reforms to global institutions. A key priority is expanding the use of national currencies in trade and reducing reliance on the dollar and Western financial institutions.

National currencies and financial mechanisms

Pezeshkian backed broader trade among members in national currencies. Iran is also promoting mechanisms that could reduce BRICS’ dependence on Western financial systems as Tehran faces sweeping U.S. sanctions.

Putin said at the BRICS Business Forum in New Delhi that the grouping was not directed against anyone and that Russia was open to cooperation worldwide. China sees BRICS as a way to expand its influence and create a counterweight to U.S. power.

India balances competing partnerships

For New Delhi, the summit is an opportunity to maintain strategic ties with Russia and Iran while developing relations with the United States and Europe. Modi met Putin and Pezeshkian separately ahead of the summit.

Modi and Xi are expected to hold talks after India-China border tensions escalated in 2020. India is also seeking a joint statement from the leaders, but BRICS foreign ministers failed to agree on one in May because of divisions over the Iran war.

The summit comes amid fears that the Iran war could widen after U.S. and Israeli strikes on Feb. 28, according to the source text. Thousands of police and paramilitary personnel were deployed around the venue and elsewhere in New Delhi, with traffic restrictions in effect.