BRICS New Delhi Declaration Targets Unilateral Trade Measures and Pushes Local-Currency Payments

On September 12 2026 the 18th BRICS summit in New Delhi adopted the “New Delhi Declaration 2026”. The 45-page text condemned unilateral tariffs, non-tariff barriers and carbon-border-adjustment mechanisms (CBAMs) as “discriminatory and protectionist”, denounced unilateral economic and secondary sanctions as contrary to international law, and called for practical solutions to accelerate cross-border payments and expand the use of member-state currencies in trade. The declaration was adopted unanimously after intensive negotiations led by India’s chairmanship.

BRICS urges IMF, World Bank reforms, condemns unilateral tariffs, secondary sanctions Hindustan TimesBRICS leaders adopt New Delhi declaration, voice concerns over 'unilateral' tariffs and non-tariff trade barriers New Delhi Declaration: BRICS criticises unilateral tariffs, sanctions; warns of trade disruption BRICS condemns unilateral tariffs, warns against CBAM-style protectionism CNN-News18ANI NewsBRICS flags unilateral tariffs, non tariff measures as trade tensions reshape global economy In denouncement of western bloc, Brics hits out at unilateral sanctions and tariff

Rising trade tensions have seen major economies employ tariffs and climate-linked levies to protect domestic industries. The European Union’s CBAM imposes carbon-related duties on imports of steel, aluminium, cement, fertilisers, electricity and hydrogen, with duties potentially reaching 35 % for some developing-country exporters. Parallel to these measures, the United States has expanded tariffs and secondary sanctions that target third-country trade with sanctioned states, prompting concerns that such actions distort markets and breach World Trade Organization rules. BRICS framed the declaration as a response to this “crossroads” for the multilateral trading system.

BRICS condemns unilateral tariffs, warns against CBAM-style protectionism Hindustan TimesThe Indian ExpressIn denouncement of western bloc, Brics hits out at unilateral sanctions and tariff New Delhi Declaration: BRICS criticises unilateral tariffs, sanctions; warns of trade disruption CNN-News18ANI NewsBRICS urges IMF, World Bank reforms, condemns unilateral tariffs, secondary sanctions Business Standard (India)

• November 17 2020 – The BRICS Payment Task Force was incorporated into the bloc’s financial agenda during Russia’s chairship.

Hindustan Times

• August 12-13 2026 – Finance ministers and central-bank governors met in Jaipur; September 10 2026 – the same group met in Mumbai, adopting language on trade-restrictive measures.

WION

• September 11 2026 – India’s Piyush Goyal called for linking BRICS payment systems and promoting local-currency trade.

Local-currency trade gets push amid de-dollarisation buzz, no word on BRICS currency

• September 12 2026 – Leaders adopted the New Delhi Declaration, explicitly condemning unilateral tariffs, CBAMs and sanctions.

CNN-News18

• September 13 2026 – Media outlets published the full text and analysis of the declaration.

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• The EU CBAM could impose duties of up to 35 % on carbon-intensive imports from developing countries.

Hindustan Times

• The IMF reported that 13 % of global foreign-exchange reserves were held in currencies other than the U.S. dollar in Q1 2026.

First Post

• The BIS noted that the dollar accounted for 89.2 % of all foreign-exchange transactions in April 2025, with the Chinese renminbi at 8.5 %.

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• Xi Jinping (President of China) urged BRICS to stand on the “right side of history” and to strengthen multilateral institutions.

BRICS leaders adopt New Delhi declaration, voice concerns over 'unilateral' tariffs and non-tariff trade barriers

• Sanjay Malhotra (Governor, Reserve Bank of India) highlighted the BRICS interest in linking fast-payment systems and central-bank digital currencies to cut cross-border costs.

WIONFirst PostThe HinduDe-dollarisation: BRICS takes a measured route, focuses on payments and not on common currency Local-currency trade gets push amid de-dollarisation buzz, no word on BRICS currency

• Rajesh Rajagopalan, professor of international politics at Jawaharlal Nehru University, warned that BRICS could become a vehicle for “China’s great-power ambitions”.

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• Surjit Bhalla, economist, argued that India’s long-term interests lie with “closer partnership with the West”.

Brics slams US, backs Iran, calls out Israel. Has India shifted stance?

• “One of the most important steps is to expand the use of national currencies in trade among the members,” — Masoud Pezeshkian, President of Iran

Associated Press

• “Cross-border payments is an area of interest for all of us, including the BRICS, because we feel there is a lot of scope for reducing cost,” — Sanjay Malhotra, Governor, Reserve Bank of India

WION

Finance ministers and central-bank governors have pledged to pursue reforms of the WTO dispute-settlement mechanism and to expand local-currency financing through the New Development Bank. Ongoing discussions will address currency-swap arrangements and mechanisms to manage trade-balance risks as members deepen bilateral and multilateral payment links.

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