Full Breakdown
BRICS Summit Calls for Overhaul of Global Governance Institutions
By Drooid · · How we work
Core Event
On September 11 2026, finance ministers and central-bank governors of the BRICS grouping issued a joint statement urging reform of the International Monetary Fund (IMF) and the World Bank to give emerging and developing economies a greater voice. The next day, the 18th BRICS Leaders’ Summit opened in New Delhi, where heads of state—including India, China, Russia, Brazil, South Africa, Iran and the United Arab Emirates—adopted a New Delhi Declaration that expands the reform agenda to the United Nations Security Council, the World Trade Organization dispute-settlement mechanism, and multilateral trade rules.
Background & Context
BRICS, founded in 2009 by Brazil, Russia, India, China and South Africa, expanded in 2023 to include Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates and Indonesia, now representing over 40 % of the world’s population and roughly a quarter of global economic output. India’s 2026 chairmanship coincides with heightened geopolitical tension—most notably the U.S.–Iran conflict and the Russia-Ukraine war—prompting members to stress the need for a more inclusive international order.
Data & Statistics
- Members: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran, United Arab Emirates (full members).
- Economic weight: > 40 % of global population; ~ 25 % of world GDP.
Official Statements & Responses
- Joint finance-minister statement (Sept 11): The BRICS finance chiefs said the share of emerging economies in global output is rising and that IMF quotas and voting shares must be realigned accordingly. They condemned “unilateral trade and finance-related actions” that distort commerce and urged the BRICS Payments Task Force to advance interoperable, low-cost cross-border payment solutions.
- Prime Minister Narendra Modi (Sept 12): In his opening remarks, Modi described the current global governance architecture as a “pyramid of privilege” that concentrates decision-making at the top while the Global South bears the brunt of crises. He called for “equal participation in global rule-making,” urged immediate UN Security Council reform, and proposed a roadmap of ten reform proposals focused on representation, responsiveness and rule-making.
Verbatim Quotes
- “While strengthening BRICS, we must also chart a course for global reform. The current structure of global governance resembles a pyramid: power and decision-making are concentrated at the top, while the lower tiers consist of nations that are affected by these decisions yet unable to shape them,” — Narendra Modi
- “Today, the Global South stands in the front row of global crises but in the back row of decision-making,” — Narendra Modi
Timeline
- January 1 2026: India assumes BRICS chairmanship.
- September 11 2026: Finance ministers issue joint statement on IMF/World Bank reform.
- September 12 2026: BRICS Leaders’ Summit opens; Modi delivers opening speech; New Delhi Declaration adopted.
- December 31 2026 (scheduled): End of UN Secretary-General António Guterres’s second term.
- January 1 2027 (scheduled): New UN Secretary-General takes office.
What’s Next
- UN Security Council reform: BRICS leaders have pledged to keep the issue on the agenda, with India urging a “definite timeframe and clear outcomes.”
- Next BRICS summit: China will assume the rotating chairmanship and host the 19th summit in 2027.
- WTO dispute-settlement mechanism: The declaration calls for immediate restoration of a fully functioning two-tier system and the appointment of new Appellate Body members.
The summit’s declarations signal a coordinated push by the Global South to reshape the institutions that govern finance, trade and security, aligning them with 21st-century economic realities. Whether these proposals translate into concrete reforms will depend on negotiations within the IMF, World Bank, UN and WTO over the coming months.