BRICS Finalizes Joint Declaration Before New Delhi Summit

BRICS leaders have finalized a joint declaration for the upcoming New Delhi summit. They overcame diplomatic friction between Iran and the United Arab Emirates to present a unified position on institutional reform and regional stability.

The agreement follows weeks of internal tensions. The UAE suspended all trade and financial transactions with Iran in August after missile attacks targeted the Al Minhad Air Base.

"While strengthening BRICS, we must also determine the direction of global reform. The Global South is today in the front row when it comes to global crises, but in the back row when it comes to decision-making. We have to transform this pyramid and privilege into a platform of partnership (where every country has a voice, every member has a stake)," said Indian Prime Minister Narendra Modi in a statement regarding the summit.

Addressing Regional Conflict

The joint declaration addresses volatility in the Middle East and West Asia. A report from Investing.com notes that the text expresses "deep concern over the continued escalation of tensions" in the region. The bloc calls for "exercising maximum restraint, as well as avoiding actions that could further aggravate the situation."

This consensus is notable because of the diverse geopolitical interests within the alliance. The inclusion of both Iran and the UAE, two nations currently experiencing a breakdown in commercial ties, required negotiation to ensure the declaration could be signed without reservation.

Strategic Goals for Institutional Reform

The declaration outlines a strategy to reshape international governance. BRICS members are seeking to reform institutions such as the World Bank, the International Monetary Fund (IMF), and the World Trade Organization (WTO). Many member states argue these institutions are dominated by Western powers, according to coverage from the Economic Times.

For the Global South, the push for institutional change is a priority. The bloc aims to shift decision-making power away from traditional centers of influence. They argue that current global structures fail to represent the interests of emerging economies. By securing this declaration, the group intends to project a platform that prioritizes multilateralism and equitable financial representation.