Chinese President Xi Jinping used the 18th BRICS Summit in New Delhi to push for a multipolar global order and reforms in major international institutions. The summit resulted in the New Delhi Declaration, which emphasizes cooperation in trade using local currencies and a new framework for artificial intelligence, marking a significant step for emerging economies.
The 18th BRICS Summit concluded in New Delhi at Bharat Mandapam, serving as a platform for Chinese President Xi Jinping to advocate for a significant restructuring of the current global governance framework. During the sessions on September 12 and 13, 2026, President Xi criticized the 'might makes right' doctrine, calling for an end to what he described as double standards in international law. His address focused on increasing the representation of the Global South within major institutions, including the United Nations and the World Trade Organization.
Following these discussions, the bloc adopted the 'New Delhi Declaration,' which outlines a path forward for member nations. The declaration prioritizes global governance reform, the use of local currencies for trade to reduce reliance on traditional financial systems, and strategies to improve supply chain resilience. For international trade and business observers, the shift toward local currency settlements in emerging markets represents a long-term change in how cross-border transactions could be conducted, potentially affecting currency risk and transaction costs for companies operating within the bloc.
Beyond trade and diplomacy, a key focus of the summit was the rapid integration of new technology. China proposed an initiative on AI-empowered industrialization, which includes the establishment of a BRICS open-source AI community. This proposal is aimed at fostering cooperation in large language model development and creating a set of consensus-based rules for artificial intelligence, positioning the bloc to influence global tech standards.
On the diplomatic front, the summit was notable for the bilateral meeting between President Xi Jinping and Prime Minister Narendra Modi. Discussions focused on stabilizing relations, ensuring border security, and enhancing economic cooperation. For investors and businesses, the normalization of ties between India and China is often viewed as a positive signal, as stable geopolitical relations are essential for maintaining smooth industrial supply chains and investor confidence.
While the summit signals a push for a more integrated and autonomous economic bloc, challenges remain. The expanded membership of BRICS brings together nations with diverse geopolitical interests, which can complicate unanimous decision-making. Additionally, while the bloc seeks to challenge Western-led financial dominance, it currently lacks the deep-rooted institutional infrastructure of established global frameworks. Investors should track how these policy proposals are implemented, specifically regarding the progress of the open-source AI community and the practical adoption of local currency trade mechanisms in the coming quarters.