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BRICS 2030 Strategy Set to Shape New Delhi Summit
BRICS countries are preparing a plan for working together economically until 2030.
Leaders are expected to discuss the plan at a summit in New Delhi.
It would replace an earlier plan that covered cooperation until 2025.
The plan could cover trade, investment, technology, finance and sustainable development.
India wants BRICS countries to make supply chains stronger and less dependent on one country.
It also supports using local currencies and making cross-border payments easier.
Another idea would help small businesses get trade financing.
The countries may also work together to increase digital services and online trade.
The Strategy for BRICS Economic Partnership 2030 is expected to be the main economic outcome of the upcoming summit in New Delhi.
BRICS trade ministers endorsed submitting the strategy and India’s presidency priorities to leaders after their August meeting in Jaipur.
The strategy is intended to guide cooperation on trade, investment, digital services, finance, industry, innovation and sustainable development through 2030.
India is expected to promote supply-chain diversification, WTO reform, local-currency financing and protection against discriminatory trade measures.
BRICS members are also considering interoperable payment systems, support for smaller exporters and expanded digital trade cooperation.
- Who
- The 11 BRICS member economies, with India leading the current presidency, are developing the strategy.
- What
- Leaders are expected to consider the Strategy for BRICS Economic Partnership 2030 as the grouping’s main economic roadmap.
- Where
- The leaders’ summit is scheduled for New Delhi, following the trade ministers’ meeting in Jaipur.
- When
- The strategy is expected to be submitted at the 18th BRICS summit; trade ministers discussed it in August.
- Why
- Members seek longer-term cooperation and greater resilience in trade, investment, supply chains, finance and digital services amid tariff actions and geopolitical tensions.
Diversification and Strategic Flexibility
Deeper Economic Integration
Supply-chain cooperation
Diversification and Strategic Flexibility
India is expected to favor diversification that reduces dependence on Chinese manufacturing and helps attract investment across several countries.
Deeper Economic Integration
The strategy could pursue deeper integration of BRICS supply chains through a strategic supply-chain and investment-promotion platform.
BRICS’ global positioning
Diversification and Strategic Flexibility
Sivakumar Ramjee argued that BRICS should become a platform for economic diversification, resilience and strategic optionality rather than an alternative to the West.
Deeper Economic Integration
Some advocates may seek a stronger collective response to Western trade measures; Abhijit Das said an explicit statement criticizing the United States was unlikely.
Payments and currencies
Diversification and Strategic Flexibility
India is expected to support bilateral local-currency arrangements and practical financial diversification rather than a common BRICS currency.
Deeper Economic Integration
The Rio declaration and Jaipur discussions support broader interoperability of payment systems and increased use of local currencies across BRICS trade.
Key facts
- Expected central deliverable
- Strategy for BRICS Economic Partnership 2030
- Summit
- 18th BRICS summit in New Delhi
- Membership
- 11 major economies
- Economic scale
- Around 32% of global GDP and about 26% of global merchandise trade
- Intra-BRICS exports
- Approximately $1.17 trillion in 2024
- Supply-chain plan
- A proposed Global Value Chains Action Plan for 2026-2030
- Financial focus
- Local-currency financing, interoperable payment systems and stronger trade finance
Quotes
Sivakumar Ramjee
Executive Director of Nangia Global
“A common currency is neither necessary nor immediately realistic. The more practical objective is financial diversification—greater use of local currencies where commercially viable, interoperable payment mechanisms, stronger development finance and reduced dependence on a limited number of international financial channels.”
financialexpress.com
“For India, the priority should therefore not be to position BRICS as an alternative to the West. It should be to make BRICS a credible platform for economic diversification, resilience and strategic optionality.”
financialexpress.com
Sources
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