In this week’s round-up:
The 18th BRICS Summit has wrapped up in New Delhi, with leaders agreeing on a wide-ranging declaration covering global governance, trade, technology, finance and geopolitical tensions. Here are the biggest developments:
BRICS adopts the New Delhi Declaration
BRICS leaders adopted the New Delhi Declaration, reaffirming their commitment to a more representative multilateral system and greater cooperation across political, economic, financial and people-to-people issues.
The declaration also calls for stronger cooperation on development, trade, technology, energy, food security and health.
BRICS moves away from talk of a common currency
China proposes a BRICS open-source AI zone
China has proposed creating a BRICS open-source artificial intelligence zone, aimed at expanding cooperation on AI development and large language models.
The initiative is part of a broader push to make technology a central component of BRICS cooperation — alongside proposals covering digital infrastructure, quantum technologies and scientific research.
South Africa pushes industrialisation and value addition
President Cyril Ramaphosa used the summit to press South Africa’s economic priorities, including expanding intra-BRICS trade and investment, industrialisation, value addition and investment in African infrastructure.
Modi and Xi signal a reset in India-China relations
Chinese President Xi Jinping and Indian Prime Minister Narendra Modi held talks on the sidelines of the summit as the two countries seek to stabilise relations after years of tension. The meeting gives BRICS an important economic dimension: improving India-China relations could potentially remove some of the barriers to greater trade and investment within the bloc.
BRICS tries to find common ground on the Middle East
The expanded grouping managed to agree on language calling for restraint, dialogue and diplomacy amid the escalating conflict in West Asia.
China takes over the BRICS chair
India has handed the BRICS chairship to China for 2027. Beijing is already signalling an economic and technology-focused agenda, including proposals for an AI open-source zone, a service-trade forum and deeper economic integration across the expanded grouping.
