BRICS Reaches Consensus on Joint Declaration Ahead of New Delhi Summit, Sources Say

The BRICS group of emerging economies has reached an agreement on a joint declaration just hours before its leaders' summit in New Delhi, four sources told Reuters on Saturday. The consensus marks a significant step toward demonstrating unity as the bloc aims to increase its global influence.

Navigating Geopolitical Tensions

The agreement successfully bridges a divide between members Iran and the United Arab Emirates, which had previously prevented a joint statement during a foreign ministers' meeting in May. The divisions stem from the ongoing Gulf conflict, which has seen renewed tit-for-tat strikes between the United States and Iran.

According to the sources, the declaration is expected to be formally approved by the leaders and will likely condemn unilateral warfare without naming any specific country. The ability to find common ground between Abu Dhabi and Tehran, particularly after the UAE suspended trade with Iran in August following missile strikes, was seen by diplomats as the primary test for the summit's success.

Bloc's Broader Ambitions

The summit underscores the bloc's objective to challenge a world order it views as dominated by the U.S. and its Western allies. BRICS is actively seeking to reform key international financial institutions, including the World Bank, the International Monetary Fund (IMF), and the World Trade Organization (WTO).

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Leaders attending the high-profile summit include Russia's Vladimir Putin, China's Xi Jinping, and Iran's Masoud Pezeshkian, hosted by Indian Prime Minister Narendra Modi. For India, the summit represents a delicate diplomatic balancing act, as New Delhi maintains strong ties with the U.S. and Israel as well as with Russia, Iran, and Gulf Arab nations.

Economic and Demographic Clout

Originally formed in 2009, the BRICS group has expanded to include Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates. The bloc's growing influence is underpinned by its significant scale:

• Its members represent more than 40% of the world’s population.
• The collective economies account for almost a quarter of the global economy.