BRICS Summit in New Delhi: Global South Finds Voice Amid Growing Unease with Western Institutions
The recent BRICS Summit in New Delhi was a significant event for the Global South, bringing together 11 member nations to discuss key issues and strengthen their collective claim to represent developing-country concerns. The summit marked a new era of cooperation among BRICS countries, with India hosting the meeting under its presidency.
The framework of the Global North and Global South is based on economic and historical power dynamics, with industrialized economies like the USA, Canada, and Europe classified as the Global North, while developing and emerging economies are considered part of the Global South. BRICS was initially formed in 2006 by five countries: Brazil, Russia, India, China, and South Africa.
The New Delhi Declaration adopted at the summit reaffirmed mutual respect and understanding among member nations, as well as their commitment to sovereignty, democracy, openness, and inclusiveness. The leaders also discussed payment connectivity issues, local-currency arrangements, and the possibility of an alternative transaction infrastructure.