China, Russia, India Push Economic Ties at BRICS Summit in New Delhi
NEW DELHI — Leaders of China, Russia and India used the closing day of the 18th BRICS Summit on Sunday to push for deeper economic cooperation, framing the expanded 11-member bloc as a vehicle for “inclusive global growth” among emerging economies.
Indian Prime Minister Narendra Modi, hosting the two-day gathering at Bharat Mandapam, told counterparts including Chinese President Xi Jinping and Russian President Vladimir Putin that BRICS’ strength lies in “diversity and cooperation.” He noted the group now represents roughly half the world’s population, 40 percent of global GDP and more than a quarter of world trade. Intra-BRICS trade has reached $1.2 trillion, Putin said, with members accounting for nearly a quarter of global exports.
Xi outlined five initiatives to strengthen what he called “Greater BRICS” cooperation: an open-source artificial intelligence zone to support large language models and training; a partnership among special economic zones to ease trade and investment; digital industry collaboration; intelligent manufacturing; and science and technology talent development. He urged members to keep industrial and supply chains “stable and unimpeded” amid disruptions linked to the Strait of Hormuz and to cultivate an integrated market. China will host a BRICS Services Trade Forum in 2027, when it assumes the rotating chair and stages the next summit.
The New Delhi Declaration adopted Saturday called for restraint in the Middle East and smoother global trade flows but avoided naming the United States or taking sides in the wars involving members. Discussions also covered local-currency settlements, linking national payment systems and expanding the New Development Bank, which has financed more than 120 projects worth about $40 billion. Analysts described the approach as hedging against dollar dominance rather than a full revolt against Western financial systems.
On the sidelines, Modi and Xi held talks during the Chinese leader’s first visit to India in seven years, acknowledging the need to address India’s record trade deficit with China while signaling a cautious thaw in relations. The summit highlighted both the bloc’s growing economic weight and the limits of consensus among members with competing strategic interests.
China, Russia, India Push Economic Ties at BRICS Summit in New Delhi
Xi, Putin and Modi call for deeper BRICS cooperation on trade, AI and supply chains. Intra-bloc trade hits $1.2 trillion as the 11-nation group seeks inclusive growth.
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