BRICS – Turning Economic Cooperation into Shared Prosperity

Context

1. The 18th BRICS Summit will be held in New Delhi on 12–13 September 2026, with India assuming the BRICS Chairship for the fourth time.
2. India’s 2026 Chairship is guided by the theme “Building for Resilience, Innovation, Cooperation and Sustainability.”
3. The summit is taking place amid trade barriers, supply-chain disruptions and economic uncertainty, increasing the need for resilient and diversified economic partnerships.

BRICS as an Economic and Global Governance Platform

BRICS has evolved from a grouping of emerging economies into a wider platform for cooperation on trade, investment, finance, development, technology and global governance.

1. Its members have diverse resource endowments, production capacities, consumer markets and investment requirements.
2. This diversity creates scope for complementarity between:

1. • Resource-producing and resource-consuming economies.
   • Capital-exporting and capital-seeking countries.
   • Manufacturing centres and large consumer markets.

1. BRICS currently comprises 11 members: Brazil, China, Egypt, Ethiopia, India, Indonesia, Iran, Russia, Saudi Arabia, South Africa and the UAE.
2. Collectively, they account for about 49.5% of the global population, 40% of global GDP and 26% of global trade.
3. BRICS also provides emerging and developing economies with a platform to seek greater representation for the Global South in global economic governance and multilateral institutions.
4. However, economic scale alone does not ensure deeper cooperation. Divergent national priorities, different economic structures and varying policy approaches can affect implementation.

India’s 2026 BRICS Chairship

1. India’s Chairship seeks to make BRICS more action-oriented and development-focused.
2. Four Pillars

1. • Resilience: Strengthening economies and supply chains against external disruptions.
   • Innovation: Promoting cooperation in technology, research and emerging sectors.
   • Cooperation: Deepening coordination across economic and institutional platforms.
   • Sustainability: Advancing development while addressing environmental and resource concerns.

3. India is also emphasising trade and investment, digital cooperation, sustainable development, skills and people-centric initiatives across the BRICS agenda.
4. The central objective is to translate BRICS’ growing influence into practical and measurable outcomes.

New Development Bank

The New Development Bank (NDB) was established by the original BRICS members in 2015 to finance infrastructure and sustainable development.

1. By June 2026, the NDB had approved 141 projects, with cumulative approvals of US$44 billion and disbursements of US$25 billion.
2. Its financing covers areas such as transport, clean energy and water infrastructure.
3. The UAE joined the NDB in 2021, before becoming a BRICS member.

The NDB provides an institutional mechanism for converting cooperation into development finance and infrastructure investment.

UAE–India Economic Partnership

The UAE–India relationship illustrates how bilateral economic arrangements can complement wider BRICS cooperation.

1. The India–UAE Comprehensive Economic Partnership Agreement (CEPA) entered into force on 1^st May 2022, expanding market access in goods and services.
2. Bilateral trade reached US$101.25 billion in FY 2025–26. India and the UAE have agreed to raise bilateral trade to US$200 billion by 2032.
3. The relationship has expanded beyond merchandise trade to include investment, logistics, energy, technology and supply-chain cooperation.

UAE’s Role in Economic Connectivity

The UAE can contribute to BRICS economic cooperation through its connectivity with markets across Asia, Africa and Europe.

1. Its ports, airports, logistics infrastructure and financial centres facilitate the cross-border movement of goods and capital.
2. Its expanding network of trade agreements can improve access to external markets and support diversification of commercial links.
3. Such connectivity complements BRICS objectives relating to trade facilitation, market access and resilient supply chains.

Significance for BRICS

1. Greater Trade Diversification: Broader commercial linkages can provide member economies with additional markets and alternative trading routes, reducing excessive dependence on a limited set of partners.
2. Stronger Supply Chains: Complementarity among resource suppliers, manufacturers, consumers and logistics hubs can help build more diversified and resilient supply networks.
3. Increased Development Financing: The NDB can mobilise financing for infrastructure and sustainable-development projects, strengthening the productive capacity of developing economies.
4. Technology and Innovation Cooperation: Greater collaboration in digital technologies, research, skills and emerging industries can support productivity and inclusive development.
5. Stronger Voice for the Global South: A larger and more diverse BRICS gives emerging economies greater scope to coordinate positions on reform of global economic institutions and the representation of developing countries.
6. Better Institutional Outcomes: The key challenge is to convert BRICS’ economic weight and diversity into implementable arrangements that improve trade, investment, connectivity and development outcomes.

Conclusion

BRICS possesses substantial economic and geopolitical weight, but its long-term relevance will depend on the quality of coordination and implementation among its members. India’s 2026 Chairship provides an opportunity to strengthen practical cooperation in trade, finance, technology, sustainability and development.

The future of BRICS will ultimately be shaped not by its size alone, but by its ability to turn economic diversity into coordinated action and greater gains for the Global South.

FAQs

1. What is BRICS?

BRICS is a grouping of major emerging and developing economies that promotes cooperation in areas including trade, finance, development, technology and global governance.

2. How many members does BRICS currently have?

BRICS currently has 11 members.

3. What is the theme of India’s 2026 BRICS Chairship?

The theme is “Building for Resilience, Innovation, Cooperation and Sustainability.”

4. What is the New Development Bank?

The NDB is a multilateral development bank established by BRICS in 2015 to finance infrastructure and sustainable development.

5. When did the India–UAE CEPA come into force?

The India–UAE CEPA entered into force on 1 May 2022.