The 18th BRICS Summit, which concluded in New Delhi on Sunday, comes at a significant moment for the grouping. As BRICS marks two decades of its evolution from an emerging-market concept into an influential platform for cooperation among developing economies, the summit also highlights a welcome improvement in China-India relations. More importantly, it demonstrates that the world’s two largest developing countries can translate political understanding into practical cooperation that strengthens the voice of the Global South.
The origins of BRICS date back to 2001, when Goldman Sachs economist Jim O’Neill coined the term “BRIC” to describe Brazil, Russia, India and China as major emerging economies. In 2006, the four countries began formal political coordination, and their first leaders’ summit was held in Yekaterinburg, Russia, in 2009 against the backdrop of the global financial crisis. The crisis exposed serious weaknesses in a global financial system dominated by Western institutions and underscored the need for greater representation of emerging economies.
South Africa joined the grouping in 2011, transforming BRIC into BRICS. Since then, the mechanism has expanded considerably. At the 2014 Fortaleza Summit, members established the New Development Bank (NDB) and the Contingent Reserve Arrangement, creating important instruments for financial cooperation among developing countries. Headquartered in Shanghai, the NDB has developed into a significant source of financing for infrastructure and sustainable-development projects, including financing in local currencies.
The expansion accelerated after the 2023 Johannesburg Summit, when Egypt, Ethiopia, Iran and the United Arab Emirates, among others, were invited to join. Indonesia became a full member in 2025, while a partner-country framework was also introduced. Today’s expanded BRICS represents a substantial share of the world’s population and an increasingly significant portion of global economic output.
What makes the grouping particularly important is that cooperation has continued even when relations between individual members have been complicated. China and India, for example, have not always seen eye to eye on bilateral or international issues. Yet both have recognized the value of maintaining BRICS as a platform for dialogue and cooperation.
First, China and India have helped build institutions rather than simply participate in diplomatic meetings. Both are major shareholders in the New Development Bank, and officials from both countries have held senior positions within the institution. Its growing portfolio in energy, transportation, water management and urban infrastructure provides developing economies with additional financing options beyond traditional international lenders. Greater use of local currencies can also help reduce exchange-rate risks and strengthen financial resilience in the Global South.
Second, BRICS is increasingly moving beyond declarations toward practical economic and financial cooperation. Discussions on cross-border payments, the potential interoperability of national payment systems such as China’s CIPS and India’s UPI, and cooperation involving fast-payment networks and central-bank digital currencies point to a shared objective: making transactions among developing economies faster, cheaper and less dependent on traditional financial channels.
Third, BRICS provides China and India with a structured forum for addressing issues that extend far beyond trade and finance. Climate change, public health, food and energy security, counter-terrorism and global governance are among the areas in which regular ministerial meetings and working groups can facilitate sustained dialogue. The BRICS Business Council also provides an important channel for strengthening commercial ties.
Perhaps most significantly, the political symbolism of cooperation between China and India should not be underestimated. China’s public support for India’s chairmanship in 2026, alongside India’s indication of support for China’s leadership of BRICS in 2027, reflects the principle of continuity that is essential to a multilateral organization of this nature.
The transition from India’s chairmanship to China’s could therefore become more than a routine change of leadership. If New Delhi’s priorities can be carried forward and complemented by Beijing’s agenda, it would demonstrate that major developing countries can cooperate across differences and place broader Global South interests above narrow geopolitical competition.
China and India are two of Asia’s largest countries and among the world’s most influential developing economies. Their relationship inevitably carries regional and global consequences. When the two countries cooperate constructively within BRICS, they can contribute not only to greater stability in Asia but also to a more balanced international order.
The future strength of BRICS will depend not simply on how many countries join it, but on how effectively its members convert their collective weight into institutions, investment, trade, financial cooperation and a stronger voice in global governance. China and India have a particularly important role to play in that process. If they can continue to work together despite their differences, BRICS can become an increasingly effective platform for a more representative and multipolar world.
