India’s 18th BRICS Summit focuses on trade, technology and Global South cooperation

Gideon Chitanga, PhD., is a Political and International Relations Analyst.

The BRICS member countries, associate members and multilateral organizations converged in New Delhi, India from September 12-13 for the group’s 18th Summit. 

This year marks the 20th anniversary of the BRICS cooperation mechanism, from the coining of the "BRIC" concept by Goldman Sachs, to the first leaders' summit in 2009.

The expansion of the group has raised questions about whether the BRICS is a loose geopolitical bloc to countervail the historical global hegemonic influence of the West, or an emerging genuine economic bloc focussed on greater intra-grouping economic cooperation.

There is no doubt of the geopolitical pressures shaping both contexts of existence, national and multilateral aspirations. The expansion of the BRICS reflects its aspirations, responses to contemporary pressures, and momentum towards deeper economic cooperation.

Speaking at the New Delhi Summit, President Xi Jinping called for 'Greater BRICS' economic cooperation to transform the bloc into a practical platform for Global South ‌development.

He further said that the success of the "Greater BRICS Initiative" depends on laying a solid foundation for pragmatic cooperation, urging the member countries to improve cooperation, maintain the stability of industrial ​and supply chains, and cultivate an integrated market.

The concept of the "Greater BRICS" describes the enlarged grouping that now includes new members like Iran, Egypt, Ethiopia, the United Arab Emirates, and Indonesia, alongside a tier of partner countries. 

The Greater BRICS Initiative seeks to stabilise supply chains, foster integrated markets, and increase the voice of emerging economies in international governance. The initiative is meant to deepen intra-BRICS economic, technological, and geopolitical integration among the expanded BRICS bloc and its connections across the Global South.

 As stated during the BRICS Summit in New Delhi, the five core pillars for "greater BRICS" cooperation include the establishment of a BRICS AI Open Source Zone to share large language models and training, enhancement of trade facilitation and a BRICS Special Economic Zone partnership, upgrading traditional industries, building innovation incubators through the development of the digital industry and smart manufacturing, and talent development based on fostering educational and professional exchange across emerging markets.

In May 2026, the BRICS Partnership on New Industrialization Development Forum held in Xiamen, China, identified intelligent manufacturing and technological innovation as a key pillar for high-quality "Big BRICS Cooperation". 

The 18th BRICS Summit placed AI and technology as new growth drivers for developing countries. By establishing a BRICS AI Open-Source Zone to promote cooperation on large language models, AI training, and an open AI ecosystem, China will help to catalyse the uptake and utilisation of AI in much of the Global South, where most countries have remained marginalised from the beneficial use of new technologies.

The Greater BRICS will be driven through dialogue and respectful cohesion among its members, facilitating increased economic cooperation and the pursuit of shared interests. During a bilateral meeting with President Narendra Modi of India, President Xi called for promotion of strengthened financial cooperation with India, saying: "Both sides should… work hand-in-hand to promote high-quality major financial cooperation, advocate an equal and sustainable global order, and foster an economic globalisation that is open and inclusive."

China and India are the two largest BRICS countries. The two leaders also expressed commitment to a fair, reasonable, and mutually acceptable resolution of the boundary question. 

China is India's largest trading partner, with bilateral goods reaching $151 billion in the 2025-26 financial year. The two countries have sought to stabilise ties, with flights, visas, and high-level contacts being restored.

President Xi also used the 18th BRICS Summit to call for the reform of the international financial architecture to improve and increase the representation and voice of developing countries, emphasising the role of the BRICS in bringing multilateral stability by acting as a positive force in advancing the well-being of all humanity in international affairs.

He urged the Global South countries to jointly defend the rule of law, safeguard the basic norms of international relations including sovereign equality, noninterference in internal affairs, and the peaceful settlement of disputes.

He urged the BRICS to leverage close ties with fellow emerging markets, uphold open cooperation for mutual benefit, safeguard stable and smooth industrial and supply chains, foster a large integrated market, build incubators for innovation, upgrade traditional industries, develop emerging industries, and deploy future industries.

South Africa also used the Summit to advance its diplomatic and economic priorities, focusing on expanding intra-BRICS trade and investment, promoting industrialisation and value addition, and mobilising investment in African infrastructure aligned with the African Continental Free Trade Area (AfCFTA).

The President of South Africa, Cyril Ramaphosa, called for expansion of intra-BRICS trade and investment, promotion of industrialisation, and value addition. He also made a case for the mobilisation of investment in African infrastructure aligned with the AfCFTA to enhance intra-continental trade and industrialisation.

Ramaphosa also delivered remarks at the BRICS Business Forum, focusing on trade and supply chains, agriculture, women-led development, the digital economy and innovation, and held bilateral meetings with other Heads of State and Government to advance national, regional, and continental interests.

The BRICS has discussed increasing trade in local currencies and developing alternative cross-border payment mechanisms in the form of digital currencies to reduce the cost of cross-border trade.

China and Russia now conduct approximately 99% of their bilateral trade in local currencies, and their coordination within the BRICS framework has grown increasingly close. BRICS Pay launched a commercial pilot in June 2025 and is moving toward full deployment this year, integrating systems like China's CIPS, Russia's SPFS, India's UPI, and Brazil's Pix. 

The New Development Bank (NDB) stands out as the biggest achievement, having approved $43 billion in loans since 2016 and making strides in local currency lending. The bank is responsible for mobilising resources for clean energy, transport, water, sanitation, and digital infrastructure aligned with the United Nations Sustainable Development.

While intra-BRICS trade accounts for about 5% of global trade and roughly 20% of total South-South trade, members like Iran, Ethiopia, Russia, and India source more than 40% of their total imports from within BRICS, suggesting growing intra-BRICS trade.

The BRICS as we know it today did not start as a formal economic or geopolitical coalition but an economic acronym coined by Jim O'Neill in a 2001 investment paper, grouping Brazil, Russia, India, and China based on their rapid growth potential.

The four founding nations formalised the group during a meeting at the United Nations General Assembly in New York 2006, following which they held the inaugural formal leaders' summit in Yekaterinburg, Russia, in 2009.

South Africa was invited to join, officially changing the acronym to BRICS in 2011. Between 2024 and 2025, the BRICS expanded to 11 members and 10 partner countries rich in diverse strategic resources in demand for energy, manufacturing, trade, and technological production, crucial drivers for economies of the futures.

The group now represents roughly 49.5% of the world's population. According to the IMF, BRICS economies now account for over 40% of global GDP in purchasing power parity terms, surpassing the G7's share. Its average GDP growth rate for 2026 is projected at 3.7%, more than three times the G7 average. 

As reflected by the 18th BRICS Summit, intra-BRICS coordination of positions on global governance, finance, trade, development, and international security dovetails with an emerging Greater BRICS. The expanding agenda, declarations, accumulation of working groups, institutions and areas of cooperation such the group is on its way towards Greater BRICS, and deeper intra-group economic cooperation.

Gideon Chitanga, PhD. is a Political and International Relations Analyst.