2 hrs ago

BRICS Summit Tests India’s Push for Practical Cooperation

BRICS is a group of 11 countries that want to work more closely together.

Their leaders met in New Delhi to discuss trade, money, technology and development.

The countries represent a large share of the world’s people, economy and trade.

They did not agree to create one shared BRICS currency.

Instead, they supported using their own currencies and improving payment systems between countries.

They also want the New Development Bank to provide more financing in local currencies.

India encouraged cooperation on artificial intelligence and digital public infrastructure.

However, BRICS members have different political and economic interests.

The group will be judged by whether its plans lead to real projects and benefits.

Key facts

BRICS membership: 11 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran, Indonesia, Saudi Arabia and the United Arab Emirates.
Indian government estimate: The expanded grouping represents about 49.5% of the world’s population, 40% of global GDP and 26% of global trade.
Summit agenda: Resilience, innovation, cooperation and sustainability, including health, food and energy security, artificial intelligence and climate action.
Currency decision: Members did not adopt a common currency; they supported greater use of local currencies and interoperable cross-border payments.
Development finance: The New Development Bank was encouraged to expand local-currency financing and diversify its funding sources.
India’s initiative: India supported a BRICS Risk Lab at Gujarat International Finance Tec-City.
India’s trade exposure: Exports to BRICS markets accounted for nearly 18% of India’s total exports, according to India’s Commerce Ministry.

thestatesman.com · 2 hrs ago