Editorial. BRICS and gaps
The BRICS summit in New Delhi concluded with a joint declaration that seeks common ground among the Global South on technological and social sector collaboration. The declaration addresses West Asia, calling for a smooth flow of global trade, supply chains and energy in accordance with international law, and criticises indiscriminate tariffs and protectionism under the guise of environmental objectives. A BRICS currency has been shelved, but local currency settlement systems have expanded, with China's Cross Border Interbank Payment System allowing multi-currency settlements since February 2026.
Why it matters: The summit illustrates the theme of global governance reform, as BRICS positions itself as a countervailing force to the US and advocates for greater developing-country say in institutions such as the IMF, World Bank, UNSC, UNFCC and WTO.