Story perspectives

BRICS adopts New Delhi Declaration, pushing local-currency trade links

By Drooid · Sep 13, 2026, 10:04 AM UTC · How we work

Left

BRICS Expands Trade

BRICS leaders met in New Delhi on September 12-13, 2026 and adopted the New Delhi Declaration 2026.
The declaration emphasizes expanding local-currency trade and payment links to shield members from sanctions-driven vulnerabilities and promote inclusive growth.
Commerce Minister Piyush Goyal highlighted the Unified Payments Interface as a fast, low-cost cross-border model.
Iranian President Masoud Pezeshkian proposed a $10 billion joint BRICS insurance fund for infrastructure and energy risks.

Right

BRICS Condemns US

BRICS leaders met in New Delhi on September 12-13, 2026, and adopted the New Delhi Declaration 2026.
The declaration singled out U.S. President Donald Trump’s tariff and sanctions regime as a primary target of its criticism.
It condemned economic and secondary sanctions as violations of international law that disproportionately harm the poor.
The text demanded immediate restoration of a fully functioning two-tier WTO dispute-settlement mechanism and new Appellate Body members.

Blindspot

Iranian President Masoud Pezeshkian proposed a $10 billion joint BRICS insurance fund to cover risks for major infrastructure and energy projects.
Trade between Iran and India fell from $17.03 billion in 2018-19 to $1.63 billion in 2025-26 after U.S. sanctions were imposed.
Within this story's sources, this angle appears mainly in Left-leaning coverage and receives less attention in Right-leaning coverage.

History

Historical Context

In 2014, U.S. and EU sanctions on Russia after its Crimea annexation spurred BRICS members to deepen economic coordination among themselves. China contributed $3 billion to the New Development Bank’s capital increase that year, while Brazil and South Africa each pledged $1 billion. Similarly, the 2026 New Delhi Declaration, led by Piyush Goyal and President Masoud Pezeshkian, proposes a $10 billion BRICS insurance fund to offset sanctions-driven trade losses. If approved, the fund could reshape global finance by reducing reliance on the dollar, prompting the WTO to reconsider dispute-settlement reforms amid mounting sanctions pressure.

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BRICS Expands Trade

BRICS leaders met in New Delhi on September 12-13, 2026 and adopted the New Delhi Declaration 2026.
The declaration emphasizes expanding local-currency trade and payment links to shield members from sanctions-driven vulnerabilities and promote inclusive growth.
Commerce Minister Piyush Goyal highlighted the Unified Payments Interface as a fast, low-cost cross-border model.
Iranian President Masoud Pezeshkian proposed a $10 billion joint BRICS insurance fund for infrastructure and energy risks.

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