The 18th BRICS Summit concluded in New Delhi from September 12 to 13, with all 11 member states reaching consensus on the New Delhi Declaration, a 140-point document addressing global governance, trade and finance, Middle East developments, counter-terrorism, and artificial intelligence cooperation.

Over two decades, the BRICS cooperation framework has evolved from a focused economic dialogue platform into a pivotal force shaping global governance structures and the trajectory of multilateralism. The declaration operates under the overarching theme of "reforming and improving global governance," reinforcing the expanded grouping's "three-pronged approach" encompassing political-security, economic-financial, and cultural-people-to-people exchanges.

In the sphere of global governance, the declaration urges an increase in developing nations' representation and voice within the United Nations Security Council, the International Monetary Fund, and the World Bank. This call comes as BRICS countries' combined GDP on a purchasing power parity basis now accounts for roughly 41% of the world's total, underscoring a growing mismatch between this economic heft and current quota and voting arrangements.

On trade matters, the declaration "strongly urges" the immediate restoration of a fully functioning, two-tier WTO dispute settlement system. This urgency stems from the fact that the WTO Appellate Body has been paralyzed since 2019 due to persistent U.S. obstruction of judicial appointments, which has facilitated the spread of unilateral tariff measures and rendered trade rules unenforceable.

In the financial sector, the declaration endorses local currency settlement, payment system operations, and New Development Bank financing in member currencies. These measures aim to reduce dependence on a single currency and payment infrastructure while mitigating risks associated with unilateral sanctions and the politicization of financial instruments.

Although positions among the eleven BRICS nations remain divergent on certain issues, the declaration institutionalizes a hard-won minimum consensus through negotiated agreement. This approach provides the Global South with a structured framework that is both accessible and actionable, offering a tangible platform for participation, advocacy, and accountability.