Full Breakdown
Brazil’s Foreign Minister Pushes a Pragmatic View of BRICS Ahead of New Delhi Summit
9/8/2026, 11:55:19 PM
Core Event
The 18th BRICS Summit will convene in New Delhi on September 12-13, 2026, bringing together the eleven member states and partner countries. Preparations include beautification of the Bharat Mandapam venue (noted on September 6, 2026) and traffic-management measures, with schools slated to close on September 11 to ease congestion.
Background & Context
Founded in 2006 by Brazil, Russia, India and China, BRICS expanded to include South Africa (2011), Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates (2024) and Indonesia (2025). The bloc now represents over a third of global GDP and roughly half of the world’s population. Recent enlargement has intensified debate over the group’s financial strategy, particularly the extent to which members seek to reduce reliance on the U.S. dollar.
Data & Statistics
- Membership: 11 sovereign states.
- Partner countries added in 2025: ten, including Belarus, Bolivia and Malaysia.
- Brazil’s trade with ASEAN in 2025 reached US $38.2 billion, comparable to its US $40 billion intra-Mercosur trade.
- Russia reports that about 90 % of its transactions with other BRICS members are now settled in national currencies.
Official Statements & Responses
Brazilian Foreign Minister Mauro Vieira emphasized that BRICS is not pursuing a collective “de-dollarisation” agenda or a new bloc currency. Vieira pointed to instant-payment platforms such as Brazil’s Pix and India’s UPI as models for future cross-border systems.
Dmitry Peskov, spokesperson for Russia’s foreign ministry, noted that roughly 90 % of Russia-BRICS trade now occurs in national currencies, framing the shift as a practical response to sanctions rather than an ideological campaign against the dollar. He warned that some countries may politicise their currencies but did not name them.
Ashwani Muthoo, Director General of the Independent Evaluation Office of the New Development Bank (NDB), praised the bank’s role in financing over 100 projects worth about US $45 billion across BRICS and other emerging economies, underscoring its contribution to “sustainable and inclusive development.”
Verbatim Quotes
- “I think it’s a mistake to say that BRICS is looking for the promotion of de-dollarisation or creating a new currency. It’s not,” — Mauro Vieira, Brazilian foreign minister
On-the-Ground Reports
Local media observed extensive landscaping, floral displays and road upgrades near the Bharat Mandapam ahead of the summit, reflecting India’s “home-court diplomacy.” Delhi police conducted mobility drills and mapped alternative routes to ensure safe passage for diplomatic convoys, while officials warned of possible traffic disruptions during the two-day event.
Conflicting Reports & Gaps
Sources differ on the strategic intent behind increased use of national currencies within BRICS. Brazilian officials portray the trend as a cost-saving, trade-facilitation measure, whereas Russian statements suggest it is primarily a workaround for Western sanctions. No member has presented a formal proposal for a common BRICS currency, leaving the extent of coordinated de-dollarisation ambiguous.
What’s Next
The summit agenda will likely focus on:
- Expanding the use of national currencies in intra-BRICS trade.
- Reforming multilateral institutions such as the WTO and the IMF’s quota system.
- Showcasing the New Development Bank’s financing pipeline.
- Advancing cooperation in AI, fintech, renewable energy and supply-chain resilience.
