BRICS 2026: Beyond de-dollarisation, the case for cooperation in a multipolar world

BRICS 2026 takeaways from New Delhi: De-dollarisation talk remains just that — talk.

For now, the US dollar has no credible substitute at the heart of global trade and finance. BRICS nations will continue using it extensively, even as they make slow, incremental moves towards settling more bilateral trade in national currencies where feasible.

The obstacle is economic as much as political. Trade within BRICS is deeply unbalanced. India alone runs a trade deficit of more than $200 billion with BRICS economies. Local-currency settlement can change how trade is paid for; it cannot make these structural imbalances disappear.

But the Summit is demonstrating something potentially more consequential: countries with significant geopolitical differences can still trade, negotiate and cooperate.

The unanimously adopted New Delhi Declaration is a case in point. Despite sharp differences over West Asia, BRICS expressed “deep concern” over escalating tensions and called for maximum restraint, dialogue and diplomacy. The consensus reportedly required bridging differences between Iran and the UAE. 

The declaration also condemned attacks on civilian infrastructure and safeguarded peaceful nuclear facilities, as well as sanctions imposed without UN Security Council authorisation. It named no responsible countries—a compromise that preserved consensus, though at the cost of sharper attribution.

Prime Minister Narendra Modi’s formulation was equally significant: “BRICS is not against anyone.” His argument that the Global South should become a “rule-shaper”, rather than merely a participant in global governance, positions BRICS as a platform for reform rather than confrontation.

Perhaps that is the larger New Delhi message: BRICS does not have to become an anti-Western bloc to become an influential force in a multipolar world.