Modi, Xi, Putin photograph becomes BRICS unity symbol as India rallies emerging markets
The three leaders' handshake at New Delhi summit frames BRICS as a coordinated bloc seeking alternatives to Western institutions, though internal divisions persist.
India is hosting the 18th BRICS Summit on September 12 and 13 in New Delhi, bringing together leaders of the expanded 11-member emerging-market bloc. The defining moment has been a photograph of Prime Minister Narendra Modi holding hands with Chinese President Xi Jinping and Russian President Vladimir Putin—an image circulated as a symbol of solidarity among the three largest Asian powers. Xi's attendance marks his first visit to India in seven years, following years of military tensions along their border. On the first day, BRICS members unanimously adopted the New Delhi Declaration 2026, which condemns unilateral sanctions and expresses concern over nuclear escalation risks, while calling for UN reform and greater representation of developing nations. The declaration conspicuously does not endorse a common BRICS currency; instead, members agreed to deepen cooperation on cross-border payments, faster settlement in national currencies, and interoperability of domestic payment systems including India's UPI model. The bloc also endorsed cooperation on artificial intelligence, supply-chain resilience, and expanded New Development Bank mandates to support infrastructure across member states.
How could this affect you
Traced by who's actually in the path of this — not everyone is.
Likely
Exporters and importers trading within BRICS countries
Faster, cheaper cross-border payments via interlinked domestic payment systems and central bank digital currencies could reduce transaction costs and reliance on dollar-based SWIFT settlements, making regional trade more efficient.
Possible
Technology companies in emerging markets
BRICS endorsement of inclusive, development-oriented AI governance could shape regulatory frameworks that differ from Western standards, potentially creating alternative standards-setting bodies or cooperation mechanisms that bypass existing institutions.
Likely
Global investors in emerging markets
A New Development Bank with expanded capital and mandate could direct more investment into Global South infrastructure, but internal BRICS divisions (evident in past joint-statement failures) may limit the bloc's ability to execute large coordinated initiatives rapidly.
Possible
Countries seeking multilateral reform
BRICS calls for UN, IMF, and WTO reform could accelerate pressure for greater voting weight for developing nations, though actual institutional change depends on whether other blocs and Western powers accept negotiated settlements.
Sources
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