BRICS marks 20 years of cooperation as the New Delhi summit positions the bloc as the leading voice of the Global South
Executive summary: A PR Newswire article published on 12 September 2026 marks the 20th anniversary of BRICS cooperation and previews the New Delhi leaders’ summit, quoting Chinese experts who describe the bloc as the leading echelon of the Global South. The narrative signals a concerted diplomatic push by BRICS members — especially China and India — to cement the group’s role in reshaping global trade, finance and development governance, which could affect capital flows and policy alignment across emerging markets.
Who is involved: BRICS member states (Brazil, Russia, India, China, South Africa, plus recent expanders), Chinese academics Qian Feng and Xu Feibiao, the New Delhi summit hosts, and the Global South constituency.
Likely next: The New Delhi summit will produce a joint declaration; watch for announcements on BRICS Pay, New Development Bank capital increases, and potential new membership criteria.
The PR Newswire release highlights the 20th anniversary of the BRICS mechanism and frames the upcoming New Delhi summit as a milestone where the grouping claims leadership of the Global South. Chinese scholars Qian Feng and Xu Feibiao argue that expanded BRICS coordination now drives the agenda for developing economies. The piece is a curated commentary rather than a breaking policy announcement, serving to shape narrative ahead of the summit.
What's next — scenarios
Base: Incremental cooperation agreement (55%)
Summit endorses modest steps such as expanded local‑currency trade settlement and a roadmap for BRICS Pay, supporting gradual diversification away from the US dollar.
- Release of summit communiqué by 15 Sept 2026
- Official statement on BRICS Pay pilot launch timeline
Upside: Major financial architecture breakthrough (25%)
Leaders announce a fully operational BRICS Pay system and a significant NDB capital raise, accelerating de‑dollarisation and boosting emerging‑market asset inflows.
- Joint press conference detailing BRICS Pay go‑live date before year‑end
- NDB board approval of a ≥$50 bn capital increase
Downside: Summit yields only symbolic language (20%)
No concrete financial mechanisms are agreed; the bloc’s narrative advances but markets see limited near‑term impact, keeping current capital‑flow patterns intact.
- Absence of any payment‑system or NDB funding specifics in the final declaration
- Public disagreement among members reported in post‑summit briefings
What to watch
- New Delhi BRICS summit communiqué (expected 13‑15 Sept 2026)
- BRICS Pay pilot launch schedule or white‑paper release
- New Development Bank capital increase proposal at the NDB board meeting (Q4 2026)
- Announcement of new BRICS member candidates or partnership dialogues
Timeline
- — Real Time • Tide Watching | "Greater BRICS cooperation has become the leading echelon of the Global South" ---- Qian Feng and Xu Feibiao on 20 Years of BRICS Cooperation and the Next Decade (PR Newswire)
- — Who Wears the BRICS Crown? (Foreign Policy)
- — CGTN: How BRICS creates new opportunities for Global South development (PR Newswire)
- — BRICS: Building Bridges (PR Newswire)
- — What India Gets Out of BRICS (Foreign Policy)
Analysis — what this means
Likely next events
- BRICS leaders’ summit in New Delhi (13‑15 Sept 2026) – joint declaration release
- Potential BRICS Pay technical white‑paper publication (by 30 Sept 2026)
- NDB board meeting on capital expansion (October 2026)
- Follow‑up ministerial meetings on trade‑finance coordination (November 2026)
Sectors affected
- International trade finance and cross‑border payments
- Emerging‑market sovereign and corporate debt
- Commodity exporters in BRICS nations (energy, metals, agriculture)
- Fintech and digital‑currency infrastructure providers
Regulatory implications
- Possible new guidelines for local‑currency settlement among BRICS central banks
- Enhanced role for the New Development Bank in project financing standards
Historical parallels
- 2009 – First BRIC summit in Yekaterinburg establishing the grouping
- 2014 – Launch of the New Development Bank (NDB) in Shanghai
- 2023 – Expansion of BRICS to include Egypt, Ethiopia, Iran, UAE, and Saudi Arabia
Key entities
Sources
- Real Time • Tide Watching | "Greater BRICS cooperation has become the leading echelon of the Global South" ---- Qian Feng and Xu Feibiao on 20 Years of BRICS Cooperation and the Next Decade — PR Newswire
- Who Wears the BRICS Crown? — Foreign Policy
- CGTN: How BRICS creates new opportunities for Global South development — PR Newswire
- BRICS: Building Bridges — PR Newswire
- What India Gets Out of BRICS — Foreign Policy